Why Oakbay needs a new auditor
Meanwhile, the Johannesburg Stock Exchange (JSE) said on Friday that Oakbay requires an auditor to remain listed. Andre Visser, general manager of Issuer Regulation at the JSE, told Fin24 that the requirement to have an auditor is a statutory obligation in terms of the Companies Act.
"The JSE listings requirements require the appointment of an accredited auditor. In order to be an accredited auditor, the firm must be registered with the IRBA (the SA audit regulator) and in addition also comply with additional entry criteria and ongoing obligation in terms of the Listings Requirements.
"The JSE accreditation process is aimed at raising the standard as it related to auditors for listed companies which ultimate provides additional investor protection.
"The role of the accredited auditor is to express and opinion on the financial statements which provides investors and other stakeholder with the necessary comfort that they can rely on the financial statement."
Source: fin24
