The bank is concerned for all allegations about Mckinsey, questioning after KPMG (Auditing Firm) for dealing together.
Johannesburg – Standard Bank states that it is also thinking to cut the tie with SAP and Mckinsey. SAP works as a software supplier, where Mckinsey works as a consultants with bank.
Few days back, KPMG (SAP, Mckinsey and KPMG somehow deals together) was obligated for its SARS “rouge unit” report. Till now, the firm has been questioned by government and its partner companies. Although, the auditing firm has admitted its flaws and said to review its report again but after the flaws admitted by KPMG many of its customer companies have stopped their tie up with it. Now, Mckinsey has been called into questions for their work.
Standard Bank says, “It does not consider that KPMG has not yet taken even a single step to restore its reputation. But we give a chance to complete an independent probe before a action will be taken.”
Mean while an investigation is going on for KPMG, so Standard Bank further says, “it will be guided by the outcomes of an investigation led by an independent law firm on whether to continue using McKinsey for consultancy services.”