Sizwe Ntsaluba Gobodo resign as auditors of Oakbay

The board of auditing firm Sizwe Ntsaluba Gobodo (SNG)has taken a decision to resign as auditors of Gupta-owned company Oakbay Resources and its related entities.

The board took a decision after a thorough assessment of its relationship with the company which has spanned a period of 18 months.

“When SNG took over the audit of Oakbay the risks associated with the engagement were evaluated in terms of the professional standards.

“As is required by the Code of Professional Conduct‚ when SNG were approached to take over the audit of Oakbay‚ SNG made contact with the outgoing auditor in order to establish whether there were any professional reasons why it would not be appropriate to accept the engagement‚” the auditing firm said in a statement.

It said following subsequent developments‚ SNG have concluded to withdraw from the engagement.

“The board of SNG are satisfied that SNG have carried out their responsibilities in accordance with the Audit Professions Act.”