In the matter of African Bank Deloitte
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Johannesburg, Friday, December 14, 2018 – The disciplinary hearing into the conduct of the Deloitte auditors responsible for the previous African Bank at the time that the bank failed in 2014 recommenced on Monday 3 December and sat until Friday, December 7. After a total of 19 days since the first sitting of the hearing on 23 March, and subsequent sittings in September, October and November, the Independent Regulatory Board for Auditors’ (IRBA) investigator has concluded his evidence-in-chief in support of the charges and responding to the witness statements of Deloitte’s experts and respondents. Towards the end of the December sitting, the Deloitte legal counsel spent a day and half on cross examination of the IRBA’s investigator. The hearing adjourned until 9 July 2019, when Deloitte’s legal counsel will resume cross-examination of the IRBA’s investigator, thereafter the IRBA will be calling its next witnesses. 2019 dates for the continuation of the matter, a further 44 days, are:
Ends More about the IRBA: The IRBA is a public protection statutory body established to protect the financial interests of the public by ensuring registered auditors and their firms deliver services of the highest quality. It upholds audit firm independence to ensure that audit quality is such that it enhances the accuracy and credibility of financial performance reporting. In this way, the IRBA has an important role to play in building the reputation of South Africa as an investment market for both local and global investors and driving economic growth for the country. The IRBA also registers suitably qualified accountants as auditors, who must adhere to the highest ethics standards, and promotes the auditing profession through the effective regulation of assurance conducted in accordance with internationally recognised standards and processes.
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