Sygnia parts ways with Deloitte due to 'reputational risk'
Deloitte has quit as the auditor of a local fund manager Sygnia, forestalling its client’s plan to fire one of the biggest names in accounting.
The news comes as some commentators question Deloitte competence after signing off an annual earnings report of Tongaat Hullet, whose listing on the JSE has been suspended as it scrutinises past bookkeeping practices for potential overstatement of asset values. Sygnia said it took the decision in May to start looking for a new auditor due to “our unsatisfactory engagement” with Deloitte and the “reputational risk associated with the firm”.
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