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June 17, 2019

Sygnia cites ‘reputational risk’, parts from Deloitte

In a filing to the Johannesburg Stock Exchange (JSE), South African fintech group Sygnia reported that it is looking for new auditors. The company said that it had taken the decision ‘given our unsatisfactory engagement with Deloitte and the reputational risk associated with the firm’.

The statement added: “Following further engagement with Deloitte and in the light of current news reports regarding the firm, the members of Sygnia’s Audit Committee resolved to formally terminate Deloitte’s appointment at its next Audit Committee meeting scheduled for 13 June 2019. Sygnia communicated its intentions to Deloitte on 5 June 2019. Deloitte subsequently resigned as Sygnia’s auditors on 11 June 2019, ahead of Sygnia’s Audit Committee meeting on 13 June 2019.”

Sygnia is listed on the main board of the JSE. The company provides asset management, stockbroking and administration services, as well as a range of savings products, to institutional and retail clients. It has around ZAR 228bn ($15.4bn) in assets under management and administration. Sygnia is expected to announce the appointment of new auditors soon, saying the process of reviewing and appointing alternative external auditors ‘is well advanced’.

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