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Change of auditor
CROOKES BROTHERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
Share code: CKS ISIN: ZAE000001434
(“Crookes Brothers” or “the Group”)
ANNOUNCEMENT REGARDING A CHANGE IN AUDITORS
Please be advised that the Crookes Brothers Limited (CBL) Board has taken the decision
to change auditors.
Reason for the termination of Deloitte.
In terms of IRBA rules with regard to Mandatory Audit Firm Rotation (MAFR) an audit firm
shall not serve as the appointed auditor for more than ten consecutive financial years
which in CBL’s case would be 2023. The Deloitte partner in charge is required to rotate
off the CBL audit in the current financial year and in addition a new quality partner and
audit manager were to be assigned to the audit.
Given the relatively short period prior to the MAFR it was considered more efficient and
less disruptive to appoint a new firm of auditors in the current financial year.
Appointment of New Auditors
The audit committee initiated a very thorough selection process resulting in presentations
from three eligible audit firms. Following the presentations and further engagement with
the two shortlisted audit firms a recommendation was made to appoint BDO which was
subsequently approved by the Board.
We further confirm that the Audit Committee have applied their minds to section 22.15 (h)
of the JSE Limited’s Listings Requirements in the appointment process, and are satisfied
with BDO’s section 22.15 (h) report.
The effective date of the appointment of BDO is 26 November 2020 following the
termination of Deloitte on the 24 November 2020.
Ahmed Timol of BDO is the JSE accredited engagement partner assigned to the audit of
Crookes Brothers Ltd.
Johannesburg
27 November 2020
Sponsor
Sasfin Capital (a member of the Sasfin group)
Date: 27-11-2020 12:50:00
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