It took hours of tedious sleuthing for the Financial Mail to establish that PwC is the "respondent" cited in an Independent Regulatory Board for Auditors (IRBA) investigation for its failure to disclose blips in the conduct of the "entity", its client SA Airways (SAA). For years the national carrier has been able to secure unqualified audit reports despite its constant flirtation with financial extinction. Given its enormous procurement muscle, inappropriate handling of procurement-related risk is a deeply troubling issue. And yet, were it not for the fact that Simon Mantell broke ranks to go public with his SAA procurement problems a few years ago, it would not be possible to tie PwC and the national carrier. Mantell, a chartered accountant and owner of Mantelli Biscuits, lodged a complaint with the IRBA all the way back in November 2015. But, as regulatory environments go, the one operated by the IRBA looks to be frighteningly ineffective. Without a major overhaul it risks being r...

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