Nedbank may in 2019 join Government in firing KPMG

Generic: Nedbank. Picture: EWN

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.

The Money Show’s Bruce Whitfield interviewed Nedbank Group CEO Mike Brown.

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

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