Barclays Africa and Absa Bank have said that they will continuously reconsider their position with embattled auditing firm
, KPMG South Africa.
As part of the ongoing inquiry against recently defaulted brokers, the conduct of the said auditing firm
is also under scrutiny, source added.
The schedules, statements and other data required to be prepared and typed by the auditing firm
should comply with GAAP and GASB Financial Reporting Guidelines.
Most recently, the European Commission adopted a rule requiring "public interest entities" to rotate their auditing firm
at least every 10 years (with certain exceptions) beginning in 2016.
Established in Qatar in 2004 by managing partner Hani Mukhaimer, Saoud Abdullah Auditing Firm
has since developed into a full-service firm specialising in audit, tax, corporate finance, mergers and acquisitions, insolvency, estate planning, and transaction support.
Current Sarbanes-Oxley Act of 2002 standards enable the auditing firm
to maintain its relationship with the firm under review indefinitely.
In late May, for example, a midsize auditing firm
told three listed firms that it would not serve as their auditor.
Due to their suspension of services on July 1, 2006, the auditing firm
will resign as independent auditor for Sanix on that day.
Clearly, a contingency fee lease auditing firm
will generally not waste time on a claim that is not legitimate because it is only compensated for successful results.
They informed Price that their boards had determined that it was not appropriate for the organization's auditing firm
to simultaneously provide other consulting services.
The auditing firm
shall in no way influence or participate in the selection of the accounts to be audited.