Auditing firm SizweNtsalubaGobodo ditches Oakbay while Outa triumphs in court
Auditing firm took the decision after a thorough assessment of its relationship with Oakbay Resources which has spanned a period of 18 months
Auditing firm SizweNtsalubaGobodo (SNG) on Tuesday joined the growing list of firms ditching the Gupta family’s Oakbay Resources and Energy and its related entities. Oakbay stopped trading on the JSE on July 18 in a voluntary delisting that was forced by the withdrawal of its key service providers, which are required by the exchange. Terbium Financial Services terminated its role as Oakbay’s JSE transfer secretary on 31 July, while River Group terminated its role as its JSE sponsor in June. “The board took this decision after a thorough assessment of its relationship with the company, which has spanned 18 months,” SNG said on Tuesday. “When SNG took over the audit of Oakbay, the risks associated with the engagement were evaluated in terms of the professional standards. “As is required by the code of professional conduct, when SNG were approached to take over the audit of Oakbay, SNG made contact with the outgoing auditor in order to establish whether there were any professional reas...
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