Patrice Motsepe's ARM drops KPMG

Patrice Motsepe's African Rainbow Minerals is the latest company to cut ties with KPMG (Bloomberg)

Patrice Motsepe's African Rainbow Minerals is the latest company to cut ties with KPMG (Bloomberg)

African Rainbow Minerals (ARM) has dropped KPMG as its internal auditors, it announced on Monday.

ARM, whose chairperson is Patrice Motsepe, said it “noted with concern the questions raised about KPMG’s governance and ethics compliance, as well as allegations regarding the lawfulness of KPMG’s conduct”.

“The ethics, governance and quality of the South African auditing firms have been globally respected for many years.

“It is extremely important that the behaviour and conduct of our auditing firms continues to justify the respect, trust and confidence that they have earned.

“After careful consideration, ARM has decided to terminate its relationship with KPMG.”

ARM is among many South African firms, including Sygnia, that have cut ties with KPMG.

This follows a report by KPMG International, which criticised the firm’s dealing with Guptas, as well as its work on the SARS investigation unit report. — News 24

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