Sasfin is terminating KPMG's role as an independent sponsor and has decided to put its audit out to tender as part of its commitment to good governance.
KPMG has cleared out its South African leadership and withdrawn its findings from a South African Revenue Services (Sars) report into the so-called rogue unit following an internal investigation which has revealed serious failings at the firm.
KPMG has been a joint auditor at Sasfin for 18 years.
Sars is stopping all work being done by KPMG and reporting the firm to the Finance Minister to be blacklisted.
Sasfin, along with SA's four major banks - Standard Bank, Barclays Africa, Nedbank and FirstRand - earlier this year also severed ties with Gupta-owned company Oakbay following allegations of state capture.
The Money Show’s Bruce Whitfield interviewed Sasfin CEO Roland Sassoon.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
We had to distance ourselves from KPMG…— Roland Sassoon, Sasfin
It doesn’t look good with regards to the Sars issue… it was the last straw.— Roland Sassoon, Sasfin
I feel terribly sorry for the 3000 people part of that organisation, 99% who, I’m sure, are ethical people.— Roland Sassoon, Sasfin
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby NEWSROOM AI
The Advertising Regulatory Board (ARB) has ordered the investment group to withdraw an ad that "disparages" its competitors.
CEO at the Tourism Business Council of SA Tshifhiwa Tshivhengwa says they are looking to find a lasting solution.
CEO at Curro Holdings Andries Greyling explains how the company has manged to sustain good growth.
The former deputy finance minister details some of the contents of his book 'After Dawn: Hope after state capture'.
The World is both safer and more dangerous than it has ever been and these weapons could end human life on the planet.
The Money Show’s Bruce Whitfield interviews Independent Regulatory Board For Auditors CEO Bernard Agulhas.
The National Credit Amendment Bill aims to help indebted consumers earning less that R7,500 per month, restructure their debt.
Clinical sexologist Dr Eve says more research is coming out to show that men who abuse women are more likely to be narcissists.
Mail & Guardian investigative editor Thanduxolo Jika unpacks the Public Protector's legal battles.
Home Affairs Minister Aaron Motsoaledi says Qatar has also relaxed entry requirements for SA citizens.
The High Court has ordered that the Public Protector personally pay some of the legal costs for the DA and Casac.
A staggering 123,843 posts are available in the national and provincial departments.
Property economist Francois Virul explains the changes in property prices over the past few years.