PwC fined over SAA audit

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Auditing firm PwC has been fined R200 000, of which R50 000 was suspended, for overlooking SAA’s procurement failures.

This is according to a news report in the Financial Mail last week.

According to the report, the Independent Regulatory Board for Auditors (Irba) investigated PwC, who confirmed that the matter related to its SAA audit for “not appropriately responded to the risk related to procurement in terms of the requirements of international standards on auditing’.

Although IRBA did not reveal the name of the auditor, detective work by the Financial Mail journalist revealed its identity.

Read the full article here.