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.”

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