Investec bank shareholders revolt over KPMG’s role in South Africa amid a scandal over its work in the country
Nearly a fifth of Investec bank’s shareholders have voted to ditch KPMG as auditor
Nearly a fifth of Investec bank’s shareholders have voted to ditch KPMG as auditor in South Africa amid a scandal over the accounting firm’s work in the country.
Investec bosses last night defended their decision to retain KPMG despite the revolt at their annual general meeting, saying the financial system and audit profession needed stability.
Several large institutions in South Africa have been severing ties with KPMG after failings emerged in its work for the Gupta family, who are alleged to have used their links to former president Jacob Zuma to amass wealth.
The Guptas deny wrongdoing.
In June the UK’s auditing watchdog said KPMG’s work auditing UK firms had deteriorated unacceptably.