• Register
Return to: Home > News > Regulation > 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

    HONG KONG NATIONALS: UNDERSTANDING VISA AND TAX WHEN MOVING TO THE UK

    Over 2 million Hong Kongers learned recently that they may soon be offered a route to UK citizenship following China’s introduction at the end of June of its controversial Security Law in the territory.

    read more

    SASB IMPLEMENTATION SERIES: COMMUNICATING ESG TO MAINSTREAM INVESTORS

    As part of a series of webinars, the Sustainability Accounting Standards Board (SASB) took a closer look at how to communicate ESG initiatives and progress to mainstream investors

    read more

    REPORTING AND COMPLIANCE: WHY WE NEED A DATA REVOLUTION

    Commerce no longer adheres to national boundaries: the largest international organisations to the smallest businesses operate in a global market. However, rules for corporate reporting and compliance do adhere to borders, write IMA’s Jeff Thomson and Liv A Watson

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    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.