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Auditing regulator's probe into SAA to be finalised soon

The Independent Regulatory Board for Auditors (IRBA) has told Parliament’s standing committee the probe is far advanced.

FILE: A South African Airways flight takes off as another one is parked in a bay on the tarmac at OR Tambo International airport in Johannesburg. Picture: AFP

JOHANNESBURG - An investigation into the audit of South African Airways is to be finalised soon.

The Independent Regulatory Board for Auditors (IRBA) has told Parliament’s standing committee that the probe is far advanced.

It follows a complaint by Democratic Alliance MP Alf Lees against auditors PriceWaterhouseCoopers and Nkonki Inc.

He’s questioned the national carrier’s going-concern status, when it’s struggling to stay in the sky.

Treasury says the national carrier needs another R5 billion in this financial year to keep flying. This is on top of last year's R10 billion bailout.

IRBA chief executive Bernard Agulhas says that the regulator completed its probe of SAA's 2015/2016 financial statements but decided to conduct further checks.

“We are concerned that there might be broader issues that we need to cover as more information comes to our attention. We cannot continue to change the terms of reference of our investigation, but we cannot ignore anything that comes to our attention.”

Agulhas says he expects the probe to be finalised at the next meeting of the board's investigations committee.

(Edited by Shimoney Regter)

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