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Two partners resign from KPMG over VBS bank audit

Apr 14 2018 16:04
Jan Cronje

Johannesburg - KPMG on Saturday announced the resignation of two partners who were facing disciplinary charges related to work done for VBS Mutual Bank. 

The auditing firm said that the resignations of Sipho Malaba and Dumi Tshuma has been accepted.

Malaba was the head of the group's financial services auditing unit.

While KPMG did not specifically say why the pair were facing disciplinary hearings in the statement, it said the charges they were facing included failure to disclose financial interests.

KPMG SA head Nhlamulo Dlomu said: "This has been a very disappointing episode for KPMG. There can be no tolerance, however, of any conduct that compromises our reputation and we have moved decisively to deal with the situation."

Earlier on Friday Fin24 reported that the Independent Regulatory Board for Auditors issued an investigation letter to Malaba notifying him of a probe into the company's audit of the bank. 

Business Insider, meanwhile, reported on Thursday that KPMG suspended Malaba. VBS was placed under curatorship by the SA Reserve Bank on March 11 this year. 

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