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Nedbank keeps KPMG as its auditor

The bank says its required to have the same auditors as Old Mutual PLC and Old Mutual Limited.

Picture: @KPMG

JOHANNESBURG - Nedbank says it has decided to keep KPMG as its auditor for the current financial year.

The bank says its required to have the same auditors as Old Mutual PLC and Old Mutual Limited, whose shareholders supported the reappointment of the embattled KPMG for 2018.

The decision comes after an announcement by Absa on Thursday morning to cut ties with the auditing firm, joining a host of other local companies who dropped KPMG which is caught up in an influence-peddling scandal.

Last month, Auditor-General Kimi Makwetu terminated its contracts with KPMG and Nkonki Inc, which had been implicated in Gupta-related controversies, saying that the termination extends to all branches of government.

Makwetu said that recent media reports relating to the external audit of VBS Mutual Bank and the conduct of KPMG audit partners are some of the reasons that prompted the decision to withdraw all KPMG audit mandates with immediate effect.

This is the first time the Auditor-General has terminated work with one of the big four auditing firms.

Additional reporting by Tendani Mulaudzi.

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