Deloitte in spotlight again with African Bank hearing
The auditing firm has already come under scrutiny over Steinhoff — and now it faces a public disciplinary hearing
The disciplinary hearing into Deloitte Africa’s audit on African Bank ahead of its collapse in 2014, which starts on Monday, is an unprecedented move by the Independent Regulatory Board for Auditors (Irba). Although the Audit Profession Act allows for disciplinary hearings in public, this is the first open to the public. It comes as regulators across the globe are under pressure to deal with corporate accounting scandals involving the big four accountancy firms: Deloitte, E&Y, KPMG and PwC. Last week, the UK financial regulator called for an inquiry into whether the big four should be broken up. It comes at a particularly difficult time for Deloitte as the firm is under scrutiny for its work at Steinhoff International. In early December 2017 the Steinhoff board announced it had uncovered evidence of "accounting irregularities" and had appointed PwC to investigate at least three years of financial statements and annual reports. Industry insiders say a key consideration in both compan...
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