Gold Fields replaces KPMG

Gold Fields [JSE:GFI] on Monday announced it has replaced KPMG with PwC as the company’s external auditors, with Pieter Hough as the designated audit partner for the financial year ending 31 December 2019.

This follows a formal tender process to appoint a new firm of external auditors, as KPMG's appointment will end on conclusion of its responsibilities relating to the 31 December 2018 financial year audit.

This is expected to be concluded on or about the end of April 2019, after which PwC's appointment will be effective immediately thereafter, Gold Fields said.

The globally diversified gold producer indicated in a statement that KPMG's audit reports for the 2017 and 2016 financial years were in order.

"[They] did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles," Gold Fields said, adding that the board and the audit committee were satisfied that "KPMG delivered an audit of satisfactory quality for the financial year ended 31 December 2017".

In February, Gold Fields reported normalised earnings from continuing operations of US$141m for the year ended December 2017 compared with $190m for the year ended December 2016.

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

ZAR/USD
17.44
(+0.16)
ZAR/GBP
22.74
(+0.41)
ZAR/EUR
20.57
(-0.18)
ZAR/AUD
12.50
(-0.01)
ZAR/JPY
0.16
(+0.59)
Gold
1914.72
(+0.48)
Silver
25.45
(+2.51)
Platinum
928.99
(+0.92)
Brent Crude
44.46
(-1.09)
Palladium
2134.99
(+2.60)
All Share
57417.28
(+0.44)
Top 40
53126.54
(+0.56)
Financial 15
10139.85
(-0.74)
Industrial 25
76210.18
(+0.91)
Resource 10
58992.57
(+0.54)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 976 votes
It depends on how the funds are used.
74% - 6476 votes
No. We should have gotten the loan elsewhere.
15% - 1344 votes
Vote