Botswana accountancy authority launches probe into PwC following Choppies audit row

THE Botswana Accountancy Oversight Authority (BAOA) has launched an independent investigation into PricewaterhouseCoopers (PwC) Botswana's conduct in the 2018 audit of Choppies Enterprises, the JSE-listed supermarket chain - the latest salvo in an ongoing battle.

- PHILIPPA LARKIN

The audit delays triggered by PwC’s handling of the 2018 financials not only caused Choppies’ temporary suspension from both the Botswana Stock Exchange and JSE, but also precipitated a dramatic share price plunge and significant investor losses.

The BAOA holds sweeping regulatory authority with the power to investigate, penalize, impose hefty fines, and even revoke licenses from entities found in breach - making it one of the most formidable oversight bodies in Botswana’s corporate governance landscape.

The regulator confirmed it has received a formal complaint from Choppies’ legal team and Justice Zein Kebonang, citing two serious allegations of professional misconduct and ethical breaches by PwC and its former lead auditor Rudi Binedell.