accounting crisis
Deloitte, we have a problem
Tongaat is the third major corporate scandal to have dragged Deloitte into its wake in recent years, considering it also happened to be the auditor at Steinhoff and African Bank
If you think Tongaat Hulett is having a tough time, spare a thought for its auditor, Deloitte. This is the third major corporate scandal to have dragged Deloitte into its wake in recent years, considering it also happened to be the auditor at Steinhoff (2017) and African Bank (2013).Insiders at Deloitte say that while they’re fairly comfortable that they can answer to what happened at Steinhoff (they didn’t audit Steinhoff’s European entities, where most of the fraud happened, for example), Tongaat has them really worried.Deloitte Africa CEO Lwazi Bam is reluctant to discuss this publicly, saying his company is still gathering the facts."We currently have no reason to believe that any current or previous Deloitte partner or staff member may have acted outside of the required independence and ethical rules and guidelines," he says.Should any wrongdoing be found, he adds, Deloitte will act quickly.Accounting technicalities aside, the question is: did the numbers it signed off even pas...
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