Sasfin said on Tuesday it will be changing its Independent Sponsor from KPMG Services (Pty) Ltd to Deloitte & Touche Sponsor Services (Pty) Ltd‚ effective from today.
“This decision was made to ensure a separation of the role of external joint auditor to the Sasfin Holdings Limited Group with that of Independent Sponsor‚” the company said in a statement.
“KPMG Inc. and Grant Thornton Johannesburg Partnership have been joint auditors of Sasfin Holdings Limited Group for 18 and 30 years respectively.
“In view of the well-publicised concerns recently raised with regard to KPMG as well as Sasfin’s commitment to good governance in respect of auditor independence and auditor tenure‚ Sasfin has decided to put its audit out to tender.
“This process is expected to begin in November 2017.”
Nine senior executives from KPMG recently resigned in a fall-out over the company’s involvement with the controversial Gupta family.
The announcement was made as KPMG concluded its international investigation into the company’s handling of all its Gupta linked accounts.
KPMG is one of four international firms which have launched major investigations into their work with the Guptas. The others include consultancy firm‚ McKinsey‚ business systems company‚ SAP and disgraced UK public relations firm‚ Bell Pottinger.