- The curator of VBS Mutual Bank asked PricewaterhouseCoopers not to continue as internal auditor.
- Evidence of fraudulent reporting was found.
- It has been a bad week for auditors in SA.
PricewaterhouseCoopers was asked to stop its work as internal auditor at VBS Mutual Bank by the curator of the collapsing bank.
The curator, auditing firm SizweNtsalubaGobodo, found evidence of fraudulent reporting and manipulation of financial information in its first report on VBS, which was placed under curatorship in March. Deposits worth R900 million – out of a total deposit book of R2.9 billion – reportedly went missing under PwC’s watch as internal auditor.
“Whilst PwC has been in contact with the curator of the VBS, we have been instructed not to continue our internal audit…
