Auditing firm cuts ties with Gupta’s Oakbay
The board of auditing firm Sizwe Ntsaluba Gobodo (SNG) has resigned as auditors of Gupta-owned Oakbay Resources and Energy Limited and its related entities.
The auditing firm’s statement stipulates that this decision was made after a thorough assessment of its relationship with the company which has spanned 18 months.
Oakbay is facing difficulties in South Africa following growing concern over its involvement in State capture.
Recently, professional service firms such as KPMG, McKinsey, and Bell Pottinger, have all come under fire over their dealings with Gupta-linked companies.
SNG noted that when it took over the audit of Oakbay the risks associated with the engagement were evaluated in terms of the professional standards.
“As is required by the Code of Professional Conduct, when SNG was approached to take over the audit of Oakbay, we made contact with the outgoing auditor to establish whether there were any professional reasons why it would not be appropriate to accept the engagement,” the statement said.
The board of SNG said it was satisfied that they had carried out their responsibilities in accordance with the Audit Professions Act.
“Further, SNG is committed to continue upholding its high professional standards as regulated by the Independent Regulatory Board of Auditors. SNG are precluded in terms of their professional obligations of confidentiality from discussing the affairs of clients on public platform.”
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