KPMG bleeds clients

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The offices of auditors KMPG are seen in Cape Town, South Africa, September 19, 2017.

JOHANNESBURG – Auditing firm KPMG is losing another two clients, Redefine Properties and Sibanye Stillwater.

Redefine Properties announced on Friday that its board has resolved to terminate its association with the auditing company.

Sibanye Gold announced that it has decided to look for a new external auditor following developments at VSB Bank.

KPMG has suspended a senior employee in connection with audits for the controversial Venda-based bank, which has been placed under curatorship.

Both Redefine Properties and Sibanye initially endorsed the reappointment of KPMG.

Redefine made the reappointment contingent on the proviso that the audit and risk committee monitor and act on the outcomes of investigations into its audits.

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Meanwhile, the Auditor-General says doing business with KPMG again will largely depend on the outcome of investigations into KPMG and whether its leaders can eradicate poor adherence to auditing disciplines.