Tongaat Hulett: Big smack for whoever was asleep on the job
If Tongaat is going to rebuild its reputation and instil an ethical culture, someone must be held accountable
Now that the rot at Tongaat Hulett (https://www.sharenet.co.za/v3/quickshare.php?scode=TON) is out in the open, it remains to be seen how much blame the company’s auditors are prepared to shoulder for the mess..
The accounting scandal has revealed weak governance and accountability at the KZN-based company. At the same time questions linger about the whereabouts of the auditors when the alleged financial deceit unfolded.
How did the auditors miss the insufficient internal accountability, governance failures, and poor financial oversight? How did they not pick up the overstatement of projected revenue?..