JOHANNESBURG- KPMG says it has implemented far-reaching changes over the past seven months to all aspects of the firm and will continue to restore trust in the auditing firmS.

The announcement comes after Absa on Thursday morning cut ties with KPMG, joining a host of other companies who dropped the firm in light of its own investigation that found flaws in work done for Sars and the Gupta family.

The same day Absa announced they were leaving KPMG as their external auditor, Nedbank announced they had decided to keep them as a their auditor for the rest of financial year.

Nedbank said they are required to have the same auditors as Old Mutual, whose shareholders supported the re-appointment of the embattled KPMG for 2018.

KPMG claims they have made major changes to their governance, risk and quality management and maintains they want to regain trust.

However the Auditor General terminated their contract as a Client to all branches of government.

Photo Credit- BuisnessTech

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