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Release Date: 04/05/2020 14:05
Code(s): AYO     PDF:  
Wrap Text
Appointment of Auditor

(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
JSE share code: AYO
ISIN: ZAE000252441
(“AYO Technology” 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 30 April 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. The 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 42 000 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 extract of auditor expertise onto the
JSE platform and also partly addresses the issue of concentration of global audit firms on the JSE.

In addition, the Company believes 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 appointment 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

Cape Town
4 May 2020

Joint Sponsor
Vunani Sponsors

Joint Sponsor
Merchantec Capital

Date: 04-05-2020 02:05:00
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