• Register
Return to: Home > News > 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

    Keeping accounting standards fit for purpose

    While at the IFRS Conference: Americas in Toronto in November, the national standards setters of the USA and Canada, along with the International Accounting Standards Board, talked to The Accountant about the evolution of corporate reporting and the influence of digitalisation. Vincent Huck was on the line

    read more

    Tax avoidance looks like a side show: compared to total anonymity

    Paul Beckett, senior counsel at MannBenham Advocates, talks to Carlos Martin Tornero about tax avoidance and human rights, and how orphan structures, marketed by accountants, make the super-rich anonymous and unaccountable for their actions

    read more

    France’s next revolution: boosting the economy, with advisory backing

    As French minister for the economy and finance, Bruno Le Maire took the stage at the final plenary session of the 72nd congress of the French Institute of Chartered Accountants (Ordre des Experts-Comptables) in Lille, he faced a somewhat hostile audience who had booed government initiatives during previous speeches. But the well-prepared minister told the French profession what it wanted to hear and left with a standing ovation. Whether the government will deliver what he promises remains to be seen. Vincent Huck reports

    read more

    Comment: Nine seconds to make or break

    Time is relative. When Usain Bolt runs 100 metres in a little over nine seconds, time flies and feels like a fleeting instant of dream. But, when six professionals sitting on a panel meet a question with deafening silence for nine seconds, then time painfully drags on in embarrassment.

    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.