[pretoria] - Deloitte and KPMG in spotlight as accounting scandal unravels at Tongaat Hulett

  |   Pretorianews

Tongaat refinery in KZN.Photo Supplied

JOHANNESBURG - The quality of auditing work of Deloitte and KPMG has once again been brought into question in the unfolding accounting scandal at listed agricultural and agri- processing business Tongaat Hulett.

Tongaat Hulett last month got investors jittery when it said its new chief executive Gavin Hudson had been mandated "to expedite an immediate and comprehensive strategic and financial review with the view to stabilising the business, address the debt levels and set the path towards acceptable returns for shareholders."

Tongaat Hullet further put the market on a tailspin on Friday when it said" certain practices have come to light following the ongoing strategic and financial review of the company." And that it might have to asses the impact on previously reported financial information....

Photo - http://v.duta.us/R6dEsgAA

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