Portland Cement quizzed on auditing procedures

Portland Cement quizzed on auditing procedures
Published: 30 March 2006

Analysts have asked Portland Cement Limited, whose majority shareholder is Lafarge, to engage an independent auditing firm to investigate the financial scam that has resulted in the loss of K258 million.

The company said within 48 hours of media reports that unveiled a financial scam at the company, it alerted its internal auditors Deloitte Touche Tohmatsu to investigate the fraud. However, analysts said Tuesday it was wrong for the company to hire the same auditors who failed to uncover the plot when auditing the company books.

They argue that bringing in new auditors would benefit the company, as the independent firm would look at the books and internal security in a different light.