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AGSA probes external auditors

sanews.gov.za · 12d · first reportShare

AGSA probes external auditors The Auditor-General of South Africa (AGSA) is looking into a partner at audit firm Crowe, following revelations that a senior partner performed a disputed valuation related to the acquisition of a stake in Lanseria Holdings. Auditor Gary Kartsounis provided financial valuation services in a transaction between the Public Investment Corporation (PIC) and Acapulco regarding the acquisition of a stake in Lanseria Holdings. The valuations are now being questioned. The matter also relates to the Independent Regulatory Board for Auditors (IRBA)’s adverse findings and sanctions against Kartsounis, arising from audit files unrelated to AGSA that did not meet the IRBA’s quality standards. “As a proactive response to the circulating allegations involving our external auditors, our audit committee has since convened a special session to evaluate this risk and to obtain an explanation from Crowe’s management. “Whilst this matter is completely unrelated to the AGSA aud