Gupta-owned Oakbay Resources on Thursday announced it appointed SizweNtsalubaGobodo as its new auditing firm.
This comes after KPMG, Absa‚ FNB‚ Nedbank and Standard Bank cut ties with Oakbay over potential “reputational risk”.
The Money Show’s Bruce Whitfield interviewed Dr Steven Firer, Research Associate at Gibs.
Firer spoke about what auditors are required to look at in the process of accepting a client.
Scroll down for quotes from the audio below.
New auditors have to follow a strict regimen before taking on business from old auditors.— Dr Steven Firer, Research Associate at Gibs
The new auditors must consider the integrity of their clients.— Dr Steven Firer, Research Associate at Gibs
Would the reasonable auditor accept the appointment?— Dr Steven Firer, Research Associate at Gibs
The old auditors would have to have given a very clear explanation why they chose to resign.— Dr Steven Firer, Research Associate at Gibs
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