Now that PwC has dumped Group Five over fears of heightened risk, eyes are on the struggling company’s next auditors.
“PwC’s reasons for resigning relate to the resignation by a number of nonexecutive directors of Group Five, and the resignation by a number of senior executives and key finance staff members, which has increased the risk of continuing as external auditors,” Group Five said. “If key executives leave, who will take full responsibility for the information in the 12 months? If they cannot get the comfort from management, auditors should turn to the board for insight,” Sithole said.
Agulhas said the body encourages auditors to fully comply with the international auditing standards, the Auditing Profession Act and the Irba code of professional conduct when assessing the risk of continuing with a client engagement. He said “due to client confidentiality” registered auditors are not required to disclose the details for declining an engagement except to the incoming auditor.
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