Did South African Firms Pull Wool Over Shareholders' Eyes?

First it was the furniture giant Steinhoff that with the help of creative accounting and auditing by firm KPMG, fooled shareholders with inflated year-end figures, then came Tongaat Hulett, the country's biggest sugar producer and where once again shareholders and investors were fooled into believing that all was well - this time auditing firm Deloitte has been responsible for the 2018 audit which was called unreliable, and must be redone. The firm has in the meantime replaced senior staff members. So how credible are the accounting and auditing firms trusted by South African investors, shareholders and the general public?

(file photo)


Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.