ROB ROSE: Deloitte in the firing line
The case over African Bank is unfortunate timing for audit firms, already in a furious battle over ‘mandatory rotation’
Auditors, so the old joke goes, are just accountants with an opinion and without the sense of humour. That’s probably a bit unfair on the 4,300 SA auditors, whose work is a non-negotiable prerequisite for investors from London and Beijing before they even think of investing in SA stocks. But the way auditors do their business is set to come in for serious scrutiny. Last Friday Hlumisa and Eyomhlaba, erstwhile empowerment investors in African Bank Investments Limited (Abil), lodged a complaint with the Independent Regulatory Board for Auditors (IRBA), claiming that Abil’s auditor, Deloitte, had failed in its duties prior to the lender’s implosion in 2014.