City Power Board chairman Frank Chikane said auditors Sizwe Ntsaluba Gobodo had the board's support.
"City Power board welcomes the executive mayor’s initiative, and pledges its full and unwavering support of this process and to the appointed investigating company. The investigators arrived at City Power premises on February 7, 2017 and have commenced their duties," Chikane said on Thursday.
"In the past four years, the board of directors, in conjunction with the current leadership, developed and implemented a range of interventions to combat the scourge of corruption and fraud. The board has proactively investigated and successfully dealt with a number of cases across the company’s operations."
Mashaba announced the forensic probe into tenders worth billions of rand on Wednesday.