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PwC resigns as South African firm Group Five’s auditor

PwC has resigned as auditor to Johannesburg Stock Exchange (JSE)-listed Group Five. The South African construction and manufacturing firm is currently awaiting the publication of a business rescue plan which has been delayed from 28 June 2019 to 30 August 2019. The delay, the company said was due to ‘the complexity of the business rescue proceedings’.

On 3 July the company informed the JSE that PwC had resigned with immediate effect as auditors for the company for the financial year that commenced on 1 July 2018. PwC’s  reasons for resigning relate to the resignation by a number of non-executive directors of Group Five on 25 June, and the resignation by a number of senior executives and key finance staff members which PwC said increased its risk of continuing as external auditors of Group Five and its subsidiaries.
The business rescue practitioners sought and received approval from a majority of the Company's creditors to extend the publication date of the business rescue plan on 27 June.

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