KPMG Resigns as External Auditor for Standard Group

Nairobi Securities Exchange-listed media house Standard Group has issued a profit warning citing adverse market conditions.

Anglo-Dutch multinational KPMG has resigned as an external auditor of the Standard Group Plc. 

The Nairobi Securities Exchange-listed media house did not disclose the reasons KPMG had opted to resign.

“Pursuant to Regulation G.05 (1) (b) of the Fifth Schedule of the Capital Markets (Securities) (Public Offers and Disclosures) Regulations, 2002 – amended 2019, the Board of Directors of The Standard Group PLC (“the Company”) wishes to notify the public of the resignation of KPMG Kenya as the Company’s External Auditor with effect from 8th February 2021,” read the notice in part as issued on Wednesday.

“The Board takes this opportunity to thank KMPG Kenya for their commitment and invaluable contribution to the Company and wish them the best in their future endeavors.”

The Standard Group recorded a loss after tax of Ksh484 million in the year ended December 2019.

Last year, KCB Group replaced KPMG Kenya with PricewaterhouseCoopers (PwC) as its external auditor. The same happened when the firm lost Absa Kenya.