It is almost unheard of for a listed company to fire its auditors. The relationship between a company and its auditor is many things – some would say cosy, others would argue adversarial — after all, getting the annual financial statements signed off can be a bruising experience. But it is almost never unworkable.
On the subject of Steinhoff, the fraud was so sophisticated it took PWC, which was given the job of unravelling it, 15 months of detailed forensic investigation before it could release any kind of report. Besides, why fire Deloitte on reputational risk now? Tongaat is yet to be proven and Steinhoff occurred in 2017.the statement the company released on the JSE’s Stock Exchange News Service .
At the same time the company’s lead independent director, the respected Shirley Ann Zinn, resigned after a 42-month stint on the Sygnia board. And the chairman of Sygnia’s audit committee Ken Hopkins resigned equally suddenly, as of February 2019.
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sashaplanting COO and confounder Nikki Giles also mysteriously gone?
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Source: dailymaverick - 🏆 3. / 84 Read more »
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