Sasfin on Tuesday announced that it has dropped KPMG as its JSE sponsor as well as its auditor after 18 years over concerns over good governance.
Sasfin will be changing its independent sponsor from KPMG Services to Deloitte & Touche Sponsor Services from Tuesday, it said.
“This decision was made to ensure a separation of the role of external joint auditor to the Sasfin Holdings Limited Group with that of independent sponsor.”
It said KPMG and Grant Thornton have been joint auditors of Sasfin for 18 and 30 years respectively.
“In view of the well-publicised concerns recently raised with regard to KPMG as well as Sasfin’s commitment to good governance in respect of auditor independence and auditor tenure, Sasfin has decided to put its audit out to tender,” it said.
Sasfin said this process is expected to begin in November 2017.