It is with great astonishment that I read that Delta’s valuers did not account for commissions and property management fees. I am dumbfounded that the "professional" property valuers (all five of them) did not pick up on this rather obvious mistake. As a result, investment properties were overstated by R1.9bn.
Property valuations are the most material item on a property company’s financials, so you would expect the auditors to rigorously audit these valuations...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.