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The excellent column “The Auditors Who Refused to Buckle” (Editor’s Note, April 21-27), about Oceana and the shenanigans going on at that company, would indicate that PwC should take a bow.

However, as this is the first year in which PwC is sole auditor of Oceana — having taken over from Deloitte — it does raise questions about recent historic audits, as the same management and board were largely in place.

Also interesting is that the company has a value of R7.4bn. Its main asset, arguably, is the Lucky Star brand, valued in the latest Brand Finance SA Top Brands survey at R1.071bn.

That’s a chunky portion of the total value of the company — a reason the value of brands should be taken more seriously. After all, brands can be bought and sold like any asset.

Jeremy Sampson
MD, Brand Finance Africa

The FM welcomes concise letters from readers. They can be sent to fmmail@fm.co.za

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