Nova breaches the Companies Act for the eighth straight year

The 2024 AFS is critical to gauge whether Nova’s financial position has improved or further deteriorated. Image: Moneyweb

Nova’s most recent AFS reflected its financial position on 28 February 2023 — more than 18 months ago. It reflected a technically insolvent company facing significant cash flow challenges. In response to questions Moneyweb put to Myburgh earlier this month, he said: “As you are fully aware, the subject matter of your email under reply was dealt with conclusively last year, by both our auditors and us, when you harassed our auditors and us in a similar fashion, regarding the same issue.

“It is important to note that not all breaches of the Companies Act automatically result in an RI, as the auditor must use professional judgment and discretion to consider whether the breach meets the definition of an RI and then act according to the stipulations of the Auditing Profession Act . The RIs filed in 2019 and 2022 were not resolved, and Irba referred them to the CIPC and Sars for possible investigation.Imre Nagy, CEO of Irba, said in response to questions that Irba could not investigate the company and that its mandate is limited to investigating the auditor’s “working papers”.

“As from 2012 up to and including 2024, only the 2015 AFS was signed off by the auditors within six months of the end of its financial year,” Tromp said.

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