BID CORPORATION LIMITED - Notification Of Change In External Auditor

Release Date: 15/01/2019 16:58
Code(s): BID
 
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Notification Of Change In External Auditor

Bid Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/008615/06
Share Code: BID
ISIN ZAE 000216537
(“Bidcorp” or “the company”)

Notification Of Change In External Auditor

The Bidcorp Board of Directors, through the Audit and Risk Committee, wish to inform shareholders
that after a formal tender process to appoint a new firm of external auditors,
PricewaterhouseCoopers Inc. (“PwC”) are appointed as the company’s external auditors, with
Mr Eben Gerryts appointed as the designated audit partner for the financial year ending
June 30th 2019.

KPMG Inc. (“KPMG”) have submitted their formal resignation as Bidcorp’s appointed external
auditors, dated January 14th 2019. PwC is appointed as external auditor with immediate effect.

The KPMG audit reports for the Bidcorp consolidated financial statements and subsidiaries for the
years up to the year ended June 30th 2018 did not contain any adverse opinions or disclaimers of
opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
During Bidcorp’s financial year ended June 30th 2018 and through the subsequent interim period on
or prior to this announcement, there were no disagreements between Bidcorp and KPMG on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or
procedures, which disagreements if not resolved to their satisfaction, would have caused them to
make reference in connection with their opinion to the subject matter of the disagreement, or
reportable events. The Board and the Audit and Risk Committee are satisfied that KPMG delivered
an audit of satisfactory quality for the financial year ended June 30th 2018.

Notwithstanding the above, KPMG has faced significant reputational risks. Having due consideration
of these risks, the Board, through the Audit and Risk Committee, announced in the 2018 Notice of
AGM, Bidcorp’s intention to appoint a new firm of external auditors with global audit capability for
the financial year ending June 30th 2019.


Date: January 15 2019
Johannesburg

Sponsor: The Standard Bank of South Africa Limited

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