Sasfin on cutting ties with KPMG – Audit rotation

The woes of KPMG have intensified. Brokerage firm, SASFIN, has cut ties with the auditing firm in the wake of a scandal that has engulfed it. The banking and financial services group says it will be changing its Independent Sponsor from KPMG to Deloitte. It says that KPMG and the Grant Thornton Johannesburg Partnership have been joint auditors of SASFIN Holdings, but it will rotate auditors earlier than planned and put the job out to tender. A few hours after SASFIN released a statement, energy and investment company, Hulisani, said it would drop KPMG as its auditor, citing reputational risk.

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