Deloitte auditors responsible for African Bank's account in the years leading to its near collapse in 2014 had conflicting messages from the bank's management about the true state of the bank's future cash flows and could not have foreseen the impairment gap that curator Tom Winterboer discovered, the audit firm argued on Wednesday.
One of the first things Winterboer did was request that Deloitte change the two auditors who were responsible for African Bank's accounts. However on Wednesday he said he did not want the auditors replaced, he just wanted someone who was not involved in the 2013 audits. Winterboer said he had no reservations about Deloitte as a firm remaining the auditor because he thought it was a reputable firm and still believe so.“If I met the first respondent in the past , I cannot recall.
Jordaan and Crowther are currently facing a disciplinary hearing after the Independent Regulatory Board for Auditors charged them with misconduct and dishonesty in 2018. Deloitte is defending the pair and on Wednesday told the disciplinary committee that the information Winterboer had at his disposal when he arrived at the conclusion that the bank had under-provided for bad debt was different to what the auditors had.
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