Blind and Deaf Society bankrupt after R12m theft

schumi

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DURBAN - The KwaZulu-Natal Blind and Deaf Society is struggling to keep its doors open after a senior employee allegedly looted the organisation’s bank accounts of R12million.

Police spokesperson Captain Nqobile Gwala confirmed they were investigating a case of fraud.

The woman, 27, who had online authority for four of the organisation’s bank accounts allegedly transferred funds into her personal accounts since 2013.

Since the start of the investigation in January, the financial officer has been dismissed, and other senior administrative workers have been subjected to internal disciplinary hearings.

More at : https://www.iol.co.za/mercury/news/blind-and-deaf-society-bankrupt-after-r12m-theft-19442612
 

HeftyCrab

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Auditors dont mean anything in this day and age. They are there to do the minimum and get their massive pay cheques. Massive conflict of interest. And yes, I know of a company where exactly this happened. KPMG audited them, turns out dodgy stuff was going on the whole time and they "didnt pick it up". Company almost closed down.

It was even in Tech news (not MyBroadband), but KPMG wasn't penned as the Auditors.
 

REAList_1

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Auditors dont mean anything in this day and age. They are there to do the minimum and get their massive pay cheques. Massive conflict of interest. And yes, I know of a company where exactly this happened. KPMG audited them, turns out dodgy stuff was going on the whole time and they "didnt pick it up". Company almost closed down.

It was even in Tech news (not MyBroadband), but KPMG wasn't penned as the Auditors.

Auditors can only audit available documents which they must request. I can only think of how this audit would have been conducted....
BUT, the lead auditors must be held responsible.
It is time to make an example of such unprofessional people.
And surely this organisation should have issued a yearly report.
A mini “state capture” seems to have taken place.
 

Tokolotshe

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How low can you go? Apparently that's the call to a challenge for some South Africans.
 

Crimson & Blue

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They clearly didn't keep a close eye on the books....
Well she did.
This stuff happens often enough. Happened at my kids school and it was the last lady you would have suspected. And it wasn’t just her - there were two of them working together.
 
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Crimson & Blue

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Auditors can only audit available documents which they must request. I can only think of how this audit would have been conducted....
BUT, the lead auditors must be held responsible.
It is time to make an example of such unprofessional people.
And surely this organisation should have issued a yearly report.
A mini “state capture” seems to have taken place.
I guess it all depends on how much their income was relative to this amount but I can’t imagine it was more than double or some big figure. 13 mil must have been a significant chunk.
 

D tj

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That no one saw or heard that someone was tapping their bank account is a real obstacle to avoid, perhaps some of the saved monies ought to have been spent on oversight?
The thief ought to be caned.
 
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