Two partners resign over VBS audit failures - KPMG

Two partners resign over VBS audit failures - KPMG

Information relating to VBS would be considered within the next month at the next audit committee meeting, he said.

KPMG South Africa said on Saturday two of its partners have resigned after facing disciplinary charges over failure to disclose financial interests in connection to VBS Mutual Bank, which was placed under curatorship.

The auditing firm said that the resignations of Sipho Malaba and Dumi Tshuma has been accepted. Malaba gave the bank an unqualified opinion when he signed off the annual financial statements to end March past year, in July (see below).

"One of the commitments made by KPMG was the issue of cooperating fully with investigations and that it was fully supportive of the issues around KPMG the SARS and Gupta issue we committed ourselves to work fully with advocate Ntsebeza and the Zondo commission we said we will make sure we cooperate fully", said Nkuhluone.


Both men resigned with immediate effect on Friday when presented with the disciplinary charges.

On the VBS work, "the disappointment and anger is palpable", said Nhlamu Dlomu, chief executive officer of KPMG South Africa. "There can be no tolerance, however, of any conduct that compromises our reputation and we have moved decisively to deal with the situation". She added that the firm would not hesitate to inform law enforcement authorities should the need arise during the course of the investigation.

Malaba was the head of the group's financial services auditing unit. The investigation was ongoing and further action would be taken as appropriate, it said. KPMG needs to come clean in order to ensure that trust is restored in auditors and that we can get to the bottom of the problems at VBS.

This is the latest blow to hit the big four firm, which on Sunday announced a raft of additional measures aimed at restoring public confidence in the quality of its audit work.

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