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Gold Fields dumps KPMG, but stays silent on the reasons why - BusinessLIVE

Monday, 23 July 2018

Gold Fields has joined the list of JSE-listed companies to replace KPMG as its auditors.

But in contrast to fellow gold miner Sibanye-Stillwater and others, Gold Fields made no mention of the Guptas or VBS Bank scandals in its announcement that it intended changing auditors released on Monday.

Gold Fields said that KPMG would remain its auditors for its 2018 financial year to end-December, and that it had appointed PricewaterhouseCoopers to be its auditors for its 2019 financial year following a formal tender process.

Besides not mentioning any of the accounting scandals which have tarnished KPMG’s reputation, Gold Fields stressed that its reason for changing auditors was not due to any disagreements.

When Sibanye-Stillwater announced in May it had decided to replace KPGM in its 2019 financial year, it said this was "following the ongoing and more recent VBS Bank developments".

Finbond similarly said it was changing auditors after its board "investigated and assessed the well-publicised serious concerns with regards to KPMG".

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