S.Africa’s central bank concerned about “regrettable” KPMG practices

0
1420

PRETORIA (Reuters) – South African central bank is concerned about “regrettable accounting practices” at the local unit of auditor KPMG [KPMG.UL], Governor Lesetja Kganyago said on Thursday.

“We will engage banks and audit firms primarily to understand the context so we are better placed to manage any potential financial stability risk that may arise from the issues around KPMG,” he said.

KPMG cleared out its South African leadership on Friday after it found that work it did for firms owned by the Gupta family “fell considerably short” of its standards. It found no evidence of crimes or corruption.

Reporting by TJ Strydom; Writing by Tiisetso Motsoeneng; Editing by Joe Brock

SHARE
Previous articleS.African c.bank defies expectations by keeping rates at 6.75 pct
Next articleNigeria’s banking system liquidity shortfall to hit N100 bln as central bank sells N207 bln treasury bills to boost naira
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.