Barclays Africa becomes first major bank to ditch KPMG SA

Barclays Africa has ditched KPMG SA as its external auditor, citing the recent developments around the embattled auditing firm.

Barclays Africa is the first major bank to sever ties with KPMG, joining a growing list of other JSE-listed companies that taken similar moves.

The other companies include African Rainbow Minerals‚ AVI and Sasfin, and more recently the auditor-general, which overseas government audit contracts.

KPMG SA was recently accused of not doing its job properly when it audited VBS Mutual Bank, which the Reserve Bank has put into curatorship.

Barclays Africa said it would start a formal process to appoint a firm of auditors to replace KPMG, which will complete its work by the end of the month.

The banking group said the board had initially aimed to recommend the reappointment of the firm during its annual general meeting, set for May 15, but the recent developments had necessitated a change in its approach.

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