In April 2026 the Independent Regulatory Board for Auditors (IRBA) permanently removed Sipho Malaba from the register of auditors. Malaba was the KPMG lead auditor on VBS Mutual Bank, which collapsed in 2018 after roughly R2 billion was looted, much of it from poor municipalities and burial societies. IRBA ordered Malaba to pay about R9.2 million in costs and a R1.6 million fine.

The sanction is one of the few professional-accountability outcomes flowing from the VBS scandal, holding to account the auditor whose clean opinions helped mask the bank's true state.