Barclays Africa Group announced in a statement issued May 2, 2018, its intention to withdraw KPMG South Africa from its hearing as an auditor, joining other companies that have left the company cited in a scandal of influence peddling .
“The board has carefully evaluated current and newer developments and decided that it was no longer able to support the renewal of KPMG’s mandate,” he said.
The collaboration between the two entities will, indeed, have to end at the close of the legislative and regulatory audits of the questions relating to the financial year 2017, announced at the end of May. Yet, the board initially recommended the renewal of the firm’s tenure – which has been operating in South Africa since 1895 – as an external auditor for the current year.
As a reminder, the audit firm’s difficulties began in 2017, following the publication of the results of an internal investigation into a work done on behalf of the Gupta family and the South African tax administration.
KPMG had in particular acknowledged flaws in a mission on behalf of South Africa’s Revenue Service, the country’s tax administration, and said the work done for Gupta companies was well below its standards.
This led in September to the resignation of KPMG Africa’s South Africa Division CEO Trevor Hoole, President Ahmed Jaffer, Operations Director Steven Louw and five other senior associates.
