Two executives resign from embattled KPMG


Offices of KPMG in Johannesburg

JOHANNESBURG – Embattled auditing firm KPMG&39;s announced the resignation of two executives on Friday.

Sipho Malaba and Dumi Tshuma had been facing disciplinary charges over VBS Mutual Bank.

They flouted KPMG&39;s policies and procedures, regarding the disclosure of financial interests.

READ: KPMG South Africa to &39;fully cooperate&39; with Ntsebeza probe

Malaba, from the firm&39;s fKPMG South Africa to &39;fully cooperate&39; with Ntsebeza probe financial services auditing unit, was responsible for signing off on the bank financial statements.

He&39;d also been the leading independent audit partner for the bank, which is under curatorship.

The Reserve Bank&39;s launched a forensic probe into the bank, following revelations that nearly R1-billion was unaccounted for.

KPMG says their conduct is disappointing and has further damaged the firm’s reputation.

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