Nedbank will reconsider its relationship with KPMG in 2019.
This follows the announcement by Government that it is cancelling its auditing contracts with the disgraced auditing firm.
KPMG is at risk of losing the business of large South African banks after it emerged that one of its audit partners, Sipho Malaba, failed to disclose loans held with VBS Mutual Bank.
VBS, under curatorship, is suspected of fraud, yet KPMG, its auditor, did not raise any concerns.
Nedbank wants KPMG to review recent work it did for the bank.
Brown spoke about KPMG and Nedbank's investor roadshow.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
It is remarkable how much has changed in our country since December.— Mike Brown, Nedbank
What’s happened in the past two months is evidence of the institutional strength of our country.— Mike Brown, Nedbank
The audit profession, in general, needs to have a long, hard look at itself.— Mike Brown, Nedbank
We’re uncomfortable with the situation… we’re putting a lot of pressure on KPMG to fix itself.— Mike Brown, Nedbank
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
Small business guru Pavlo Phitidis gives advice to a listener who has an opportunity to turn a tiny business into a massive one.
Don’t be dumb with money like many smart people! Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
Tiger Brands reported a 16% drop in half-year earnings. Bruce Whitfield interviews its CEO Lawrence MacDougall.
The Money Show’s Bruce Whitfield interviews VBS Mutual Bank curator Anoosh Rooplal.
The Money Show’s Bruce Whitfield interviews Auditor General Kimi Makwetu.
The Money Show’s Bruce Whitfield interviews Independent Regulatory Board for Auditors CEO Bernard Agulhas.
Johannesburg father, Chris says he had just come back from work when he walked in on an employee raping his 17 year old daughter.
Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.
Join Joburgers from all walks of life come together peacefully, united in their diversity for a fun family day out.
Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.
Zuma says he cannot be expected to act against Minister Bathabile Dlamini on social grants matter now before the ConCourt.
Commission says investigation into food and agro processing companies is important because of high levels of inequality in SA.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...
Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?