Nigeria’s SEC set to carry out forensic audit on Oando

Jubril Adewale Tinubu, CEO, Oando

Nigeria’s Securities and Exchange Commission (SEC) plans to go ahead with a forensic audit of oil company Oando Plc, it said in a statement late Tuesday, despite the suspension of the commission’s director, according to Reuters. The finance minister suspended Mounir Gwarzo, SEC Director General last week over allegations of financial impropriety, a month after Gwarzo […]

UK’s audit watchdog fines Ernst & Young £2.75m over audit misconduct

UK’s audit watchdog, the Financial Reporting Council (FRC), has fined Ernst & Young £2.75 million for alleged misconduct relating to the accounting group’s review of financial statements of Tech Data Limited. The FRC said in a statement Monday that it reprimanded and fined EY after the company admitted to “misconduct” in the audit of Tech […]

South Africa’s Pravin Gordhan slams auditing firm, KPMG over tax report

Pravin Gordhan in Pretoria, South Africa,

Pravin Gordhan, who was ousted from his post as South Africa’s finance minister in March, slammed KPMG LLP after it withdrew the findings of a report on the country’s tax agency that was used as evidence in a police probe against him and led to the removal of senior staff. According to Bloomberg, the auditing firm said on Friday […]

EY snaps up BHP Billiton audit from 2019, after beating competition

After an audit tendering process conducted by global industry giant, BHP Billiton, Big Four accounting and advisory firm, EY (formerly known as Ernst & Young) has beaten off competition to snap up the auditing of the company from 2019, it has emerged. EY’s lucrative victory will see it replacing KPMG as the mining giant’s auditor […]