SEC, OANDO CRISIS: Audit firm threatens to release detailed audit report

The audit company whose report the Security and Exchange Commission (SEC) premised the suspension of top two executives of Oando Plc on have said it may be forced to release the detailed forensic audit report.

Deloitte Touche Tohmatsu Limited, in a reaction to the lingering face-off between the stock market regulatory agency and the oil and gas company, said on Thursday, that it would release the report if the crisis persists.

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The accounting firm threatened that “it may resort to responding in details to all aspects of the press release as it relates to us and reserves the right to do so at a later stage should it become necessary.”

Oando had complained that it was not given fair-hearing in the course of SEC’s investigation.

But SEC claimed that it gave fair-hearing to Oando Plc and that Deloitte was engaged during the investigation process after it was petitioned to investigate the activities of the company.

The capital market regulator also claimed that “Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.”

By Babatunde Alao…

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