The curator of the collapsing VBS Mutual Bank, a troubled South African lender, asked PricewaterhouseCoopers to stop its work as internal auditor amid allegations of fraudulent reporting and accounting violations.
The curator, auditing firm SizweNtsalubaGobodo, found evidence of fraudulent reporting and manipulation of financial information in its first report on VBS, which was placed under curatorship in March. Deposits representing nearly a third of the bank’s total deposit book reportedly went missing while PwC was acting as the company’s internal auditor.
