• Register
Return to: Home > News > Big Four > Bidcorp reappoints KPMG South Africa as external auditor despite recent scandals

Bidcorp reappoints KPMG South Africa as external auditor despite recent scandals

Bidcorp, a multinational food-service group, has reappointed KPMG South Africa  as its external auditor despite the recent scandals surrounding the Big Four firm which led to a loss of a number of clients.

In its recently released notice of annual general meeting 2017 explained that the board had “given serious consideration to the continued audit services provided by KPMG Inc. to the group following the grave allegations made against KPMG regarding their activities in South Africa. Bidcorp has made formal enquiries and held detailed discussions with both the local and international management teams of KPMG.”

The board was reassured by the remedial actions undertaken to strengthen the firm’s governance as well as the new leadership’s commitment to implement an independent investigation. “The Bidcorp board is of the opinion that the actions taken demonstrate KPMG’s resolve to address the issues in a fully transparent manner,” the AGM notice read.

According to the AGM notice Bidcorp’s activities are approximately 90% outside of the borders of South Africa and are independently audited by KPMG International in most of these separate jurisdictions.

Top Content

    Nigeria: building compliance and engagement

    Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.