Thursday, July 18, 2024

BDO auditors sued P182 million over accounting scandal

Auditors at BDO and the auditing firm itself have been slapped with a P182 million lawsuit by the liquidator of the controversial Bluthorn. The company’s misappropriation of funds led to councils and unions as well as individuals across the country losing more than P250 million. 

In papers before the High Court, BDO is cited as the first defendant. Its auditing partners, Donovan Ban Der Vyver, Christopher Bray, Christopher Matamande and Alois Tawanda Muzondo are cited as the second to the fifth respondents respectively.

According to the lawsuit brought before the High Court by Bluthorn liquidator, Kopano Thekiso, “in purporting to perform the 2017, 2018 and 2019 audits, BOD wilfully, alternately, negligently, breached its obligations under each of the audit agreements in that it: failed to conduct the audit in accordance with International Standards on auditing, failed to properly account for the purported loans as individuals transactions.”

There's more to this story

But to keep reading, we need you to subscribe.

Investigative journalism is an indispensable part of a healthy society, but it's also expensive to produce. We are reliant on subscriptions to fund our work, and while you can enjoy most of our stories for free, a small number of premium features are reserved for subscribers.

You can subscribe for one week, a month or a full year - the choice is yours.

Save 77% on an annual subscription. Click here to find out how.

Existing subscribers can log in to keep reading here.

RELATED STORIES

Read this week's paper