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Nedbank has proposed to keep KPMG for 2018 financial year

The resolution will be considered for approval by shareholders at the AGM on May 10 2018. 

Nedbank Group has proposed to reappoint KPMG South Africa and Deloitte as its joint external auditors for the 2018 financial year. The resolution will be considered for approval by shareholders at the AGM on May 10 2018. 

Nedbank said it was required to have the same auditor as its parent companies, Old Mutual Plc and Old Mutual Ltd, whose shareholders supported the reappointment of KPMG as their auditor for the 2018 financial year. 

“We have engaged proactively with KPMG South Africa and KPMG International to ensure that both the required audit capacity and quality assurance are underwritten by KPMG International to ensure full completion of the 2018 Nedbank Group audit,” the bank said in an emailed statement. 

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My Views: Is the pot (JCI Ltd) now calling the Kettle (KPMG) Black? Methinks also time now for the mainstream media to start investigating this standoff!
Methinks,its now time for KPMG to withdraw all their JCI Ltd audits to date….
“Notice to Shareholders on a Reportable Irregularity and 2017 Audit update – 17 April 2018”
Extracts from notice to shareholders….

COMMUNICATION TO SHAREHOLDERS ON A REPORTABLE IRREGULARITY AND 2017 AUDIT
17 April 2018
Shareholders are advised that the Company received a letter from KPMG on 1 March 2018 advising that a further Reportable Irregularity had been lodged with the Independent Regulatory Board for Auditors (IRBA) and that JCI were requested to respond within 30 days.
JCI complied with the request and the following letter was sent to KPMG on 26 March 2018 in response to the RI:

“JCI LIMITED RESPONSE TO KPMG NOTIFICATION OF REPORTABLE IRREGULARITY
DATED 1 MARCH 2018
We were ready for you to commence with the audit of the Group and JCI annual financial statements in September 2017. Lack of activity post the 2016 audit has made the preparations for the 2017 audit relatively easy. However, your inability to confirm when you would be in a position to proceed with the audit has delayed the process and is the only reason why the deadline of 31 December 2017 has been missed. This is in spite of our repeated communications with yourselves for clarity and confirmation on KPMG’s readiness to embark on the audit.

06 October – “2017 Audit and KPMG”
“Shareholders are advised that, given the uncertainty at KPMG, a meeting with the audit partners will take place within the next two weeks. The JCI website will be updated as soon as there is any new information.”
28 November 2017 –“JCI 2017 AFS and Audit – 28 November 2017”

Methinks KPMG – time to make like ”Donald and Duck”

Yes, let’s hang on to the same old gang and make sure we know what they are thinking. If that does not give pause for thought then the article on Nedbank in the latest issue of Noseweek may do it.

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