PRETORIA – South African reserve bank is concerned about “regrettable accounting practices” at the local unit of auditor KPMG, Governor Lesetja Kganyago said on Thursday.
“We will engage banks and audit firms primarily to understand the context so we are better placed to manage any potential financial stability risk that may arise from the issues around KPMG,” he said.
KPMG cleared out its South African leadership on Friday after it found that work it did for firms owned by the Gupta family “fell considerably short” of its standards. It found no evidence of crimes or corruption.
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