Investigation takes aim at KPMG for mishandling South African bank
“Looting” of troubled VBS would not have been as bad had auditor acted lawfully, report finds
The South African Reserve Bank’s prudential authority has been advised to file an auditor’s liability claim against KPMG relating to the firm’s conduct amid the collapse of VBS Mutual Bank.
An independent report commissioned by the central bank into the scandal, which saw VBS suffer a “serious” liquidity crisis, found KPMG’s former lead audit partner Sipho Malaba signed off falsified accounts.
Both Malaba and Dumi Tshuma, two KPMG partners who had dealings with VBS, resigned after failing to
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