ROB ROSE: Deloitte’s dubious dodge
The audit giant was at the scene of a R12bn fraud at Tongaat Hulett. This week it settled the case for R260m, admitting no liability
02 March 2023 - 05:00
In auditing circles, it’s all the rage. When you find yourself at the scene of a blood-curdling megafraud that prompts investors to roar “But where were the auditors?”, the go-to reflex is to get your carnivorous lawyers to score you a quick settlement complete with a with a “no admission of guilt” clause.
Last week, it was the turn of ransacked sugar firm Tongaat Hulett, which announced that its former auditor Deloitte has “concluded an agreement” whereby it will pay the sugar company R260m “without admission of liability”...
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