Another client dumps KPMG

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KPMG logo seen on a building.

JOHANNESBURG - Embattled auditing company KPMG South Africa lost another big client on Monday. 

Fashion retailer, The Foschini Group (TGF) replaced the firm with Deloitte as its external auditor.

Foschini said the immediate change was sparked by recent concerns about KPMG.

READ: KPMG SA appoints 'experienced' new executives

The Independent Regulatory Board for Auditors is investigating KPMG's work for the Gupta family and its Sars report on a rogue intelligence unit, which it has now withdrawn.

Telkom said it will not award any new business to the audit firm, pending the outcome of an investigation by the industry regulator.

Standard Bank warned that it will terminate KPMG’s services if the auditor failed to provide satisfactory explanations.