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Appointment of Auditor
AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: AEE
ISIN: ZAE000195731
("AEEI" or "the Company")
Appointment of Auditor
Shareholders are referred to the announcement released on SENS on 18
October 2019 regarding the decision by BDO South Africa Inc. to not
seek re-appointment as the auditors of the Company and that the
Company would begin a process for the appointment of new auditors.
Further to the above announcement, shareholders are hereby advised
that Thawt Inc.(“THAWT”) and Crowe JHB (“CROWE”), which is a member
of Crowe Global (“CROWE Global”) have been appointed as the
Company’s joint external auditors with effect from 4 May 2020. The
audit opinion will be signed by CROWE until such time as THAWT has
been accredited by the JSE. Thereafter, the audit opinion will be
jointly signed. Their joint appointment will be ratified at the
next Annual general meeting.
THAWT is a growing collaboration between long-established small and
medium audit firms. THAWT represents a network model that can
facilitate broad-based black economic empowerment and foster
cohesion within the audit profession.
CROWE is a JSE accredited assurance firm and is a member of CROWE
Global which is ranked as the eighth largest accounting network in
the world with over 750 offices in 130 countries across the world,
incorporating around 42000 professionals worldwide.
The appointment supports the Independent Regulatory Board for
Auditors (“IRBA”) strategy and vision of widening the auditor base
as this appointment brings with it a new entrant of auditor
expertise onto the JSE platform and also partly addresses the issue
of concentration of global audit firms on the JSE.
In addition, we believe that this appointment will enhance social
cohesion and broad-based black economic empowerment which are both
equally important to the future of our country.
This audit rotation brings with it enhanced capability, and a new
perspective to our stakeholders as new auditors engage with the
Company and interrogate the financial statements for the first time.
The appointment of joint auditors also provides additional assurance
to users of the Company’s financial statements as two audit firms
express a joint opinion thereon.
4 May 2020
Sponsor
Vunani Sponsors
Date: 04-05-2020 01:55:00
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