Auditors’ board makes progress on African Bank
THE Independent Regulatory Board for Auditors (IRBA) says it hopes to begin finalising by November its investigation into Deloitte’s audit of African Bank, which collapsed in August 2014 under a mountain of bad debts.The IRBA’s investigations department hoped to submit its findings to the body’s external investigations committee at the latter’s November meeting. The investigations committee would then make recommendations to the disciplinary committee, which could call for a disciplinary hearing, said CEO Bernard Agulhas.Deloitte had co-operated fully with the IRBA since December 12 2014, when the board first requested to see its files on African Bank, said Mike Comber, reputation and risk leader at Deloitte Southern Africa."To date, we have received no feedback regarding the status or outcome of this review," Comber said.But Agulhas said investigations of this nature could take up to two years.Deloitte was auditor for both African Bank (renamed Residual Debt Services) and its liste...
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