First KPMG, then Deloitte… Sygnia looks for new auditor

Sygnia SENS release

In compliance with sections 3.75 to 3.78 of the Listings Requirements of the JSE Limited, shareholders are advised as follows:

At its Board meeting on 21 May 2019, the directors of Sygnia took the decision to look for alternative external auditors given our unsatisfactory engagement with Deloitte and the reputational risk associated with the firm.

Following further engagement with Deloitte and in the light of current news reports regarding the firm, the members of Sygnia’s Audit Committee resolved to formally terminate Deloitte’s appointment at its next Audit Committee meeting scheduled for 13 June 2019. Sygnia communicated its intentions to Deloitte on 5 June 2019. Deloitte subsequently resigned as Sygnia’s auditors on 11 June 2019, ahead of Sygnia’s Audit Committee meeting on 13 June 2019.

The process of reviewing and appointing alternative external auditors is well advanced and the appointment of Sygnia’s new auditors will be communicated in due course.

Deloitte rejects Synia claims about its resignation

We have noted the SENS from Sygnia issued on 12 June 2019. We believe that the SENS contains certain factual inaccuracies relating to the circumstances of our resignation.  Whilst as Deloitte we maintain the highest standards of ethical behaviour and client confidentiality, we are of the view that it is prudent in this instance to set the record straight.  We intend to do so in due course.