JOHANNESBURG - The Sizwe Ntsalabu Gobodo (SNG) board took a decision to resign as auditors of Oakbay Resources and Energy Limited and its related entities (Oakbay).
According to a statement, the board took the decision after a thorough assessment of its relationship with the company which has spanned a period of 18 months. The board said that this decision has been communicated to Oakbay.
The SNG statment read, “When SNG took over the audit of Oakbay the risks associated with the engagement were evaluated in terms of the professional standards. As is required by the Code of Professional Conduct, when SNG were approached to take over the audit of Oakbay, SNG made contact with the outgoing auditor in order to establish whether there were any professional reasons why it would not be appropriate to accept the engagement. However, more recently following subsequent developments SNG have concluded to withdraw from the engagement."
The statement concluded by affirming that the board of SNG were satisfied that SNG have carried out their responsibilities in accordance with the Audit Professions Act. SNG said that they are committed to continue upholding its high professional standards as regulated by the Independent Regulatory Board of Auditors.