Standard Group has announced that KPMG Kenya resigned as the company’s external auditors on 8th February 2021. Prior to the resignation, KPMG served as Standard Group’s external auditors for nearly nine years. The auditors were first appointed by the media firm in May 2012 when the listed firm switched auditors from Deloitte & Touche. Standard Group did not give a reason for the resignation.
It is common for public companies to change external auditors regularly. The Capital Markets Authority recommends that listed companies change their external auditors every six to nine years to ensure that the auditors remain independent, objective, and professional.
In its annual report, Standard Group states that its policy is to retire external auditors every five years. However, the company did not change KPMG Kenya as the external auditors after the end of five year period in May 2017.
The media company is expected to appoint new external auditors during its annual general meeting this year.
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