Cape Town - Audit and advisory firm Grant Thornton announced on Monday that SizweNtsalubaGobodo is joining its global network as a member firm in South Africa.
Grant Thornton member firms operate in over 135 countries, generating combined global revenues of $5bn.
The firms said in a statement that they have begun a process to fully integrate as one representative national professional services firm under the brand name SizweNtsalubaGobodo Grant Thornton. The integration is expected to be completed by the middle of the year. SizweNtsalubaGobodo Grant Thornton will then be sole member firm in South Africa.
Victor Sekese, CEO of SizweNtsalubaGobodo, said in the statement that the integrated firm will preserve and build on the identity and reputation of SizweNtsalubaGobodo.
"This is a very significant development in the proud history of our firm since we will be part of a global organisation that respects and celebrates our heritage. We are proud that together we will be truly representative of our country’s demographics and remain committed to ongoing economic transformation, dedicated to the growth and global competitiveness of South African businesses, in particular black-owned enterprises,” said Sekese.
He said the deal will provide the best of local business culture and insight with the scale of a global network. This will be achieved by combining the best in local talent with the support of global methodologies, quality and risk processes.
Deepak Nagar, national chair of Grant Thornton South Africa, said the deal creates a significant, empowered and truly African firm with a global reach.
"The significant pool of talent also reflects our view that black economic empowerment is not a mere obligation, but a key business imperative. It underlines the commitment of SizweNtsalubaGobodo Grant Thornton to be key a player in the transformation agenda,” said Nagar.
Peter Bodin, the newly appointed CEO of Grant Thornton International, said the deal is aimed at strengthening capability and capacity in key strategic markets by attracting leading professional firms.
Fin24 reported in September last year that SizweNtsalubaGobodo was among the SA companies cutting ties with Gupta-owned businesses. The board of SizweNtsalubaGobodo said in a statement in September 2017 that it had taken a decision to resign as the auditors of Oakbay Resources and Energy Limited and its related entities. SizweNtsalubaGobodo had taken over the Oakbay contract from KPMG in April 2016.
The board said it was “satisfied that SizweNtsalubaGobodo had carried out their responsibilities (to Oakbay) in accordance with the Audit Professions Act".
The statement did not give any specific reasons for dropping the Oakbay contract, apart from saying it had to do with "new developments".
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