Roy Cokayne
3 minute read
20 Oct 2020
8:54 am

PPC audit report ‘unprecedented’

Roy Cokayne

The company is reviewing internal control environment and recruiting qualified personnel.

Going back to basics and successfully cutting costs has paid off for PPC. Image: Moneyweb

PPC’s independent auditor Deloitte has issued an unprecedented highly critical report that highlights “material weaknesses in internal controls over financial reporting” as one of several key audit matters that need to be addressed by the JSE-listed cement and lime producer. Deloitte confirmed in its independent auditors’ report, which formed part of PPC’s financial results statement for the year to March 2020 released earlier this month, that its external audit confirmed that there has been “a material breakdown in internal controls over financial reporting”. "In particular, severe gaps in controls over financial reporting, such as the consolidation process, the preparation and review of...