Sasfin Holdings cuts ties with KPMG after 18 years

CEO South African Institute of Chartered Accountants, Dr. Terence Nombembe says in light of what has been happening at KPMG, it is important for the profession to do everything it can to respond to this issue.

Read: Retracted KPMG report does not vindicate axed Sars officials, group exec argues

SARS Commissioner Tom Moyane on Monday told journalists at a media briefing in Pretoria that the revenue service will be taking legal action against KPMG.

This is after KPMG said it withdraws its report into the so-called Sars “rogue unit”.

Read: KPMG called before Parliament to account for "unethical" behaviour

The ways in which the profession can respond to the matter is to isolate and deal with the issues that are leaning towards the breach of the code of professional conduct and make sure they are thoroughly investigated.

Dr. Terence Nombembe, CEO South African Institute of Chartered Accountants

Secondly it should be about how the profession gets reaffirmed as a profession in good standing...

Dr. Terence Nombembe, CEO South African Institute of Chartered Accountants

Sasfin Holdings made an announcement of Tuesday that it will be cutting ties with KPMG as its JSE sponsor as well as its auditor after 18 years.

Chief Executive Officer of Sasfin Holdings, Roland Sassoon has confirmed that indeed they have put their audit up for tender.

We have taken quite a significant step. We couldn't really take steps up until now because we only just completed our audit.

Roland Sassoon, Chief Executive Officer of Sasfin Holdings

We have decided that with rotation coming along and good corporate governance and the whole scandal that has suddenly come out, we would rather put this thing up for tender which is what we would be doing effective from November.

Roland Sassoon, Chief Executive Officer of Sasfin Holdings

KPMG have been good for us in the 18 years. They have never acted improperly or anything like that but obviously what is coming out in press is very alarming ...

Roland Sassoon, Chief Executive Officer of Sasfin Holdings

To hear more of this interview, listen below:

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