Ann Crotty Writer-at-large

In another blow to two of the country’s top four audit firms, the curator of Venda Building Society Mutual Bank, Anoosh Rooplal, has announced the withdrawal of the bank’s 2017 audited financial statements. PwC was the internal auditor and KPMG the external auditor for the 2017 financial statements. Rooplal said the financial statements were withdrawn because "they contain material misstatements and are no longer considered to be reliable". VBS made the announcement in response to a query from Business Day after unsuccessful efforts to access the 2017 annual report, which had been available on the VBS website on Friday. VBS said the financial statements had been withdrawn and removed from the bank’s website. A representative said the amended/restated financial statements would be reissued in due course. Users of the financial statements were asked not to rely on the 2017 statements. "The decision to withdraw the 2017 audited financial statements will not change our focus as curator....

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.