Satawu welcomes Transnet transformation

By Drum Digital
21 February 2012

Transnet's appointment of a black external auditing firm is a move in the right direction for transformation, the SA Transport and Allied Workers' Union (Satawu) said on Tuesday.

"As [the] biggest union organising in Transnet we see this move as a step in the right direction to transformation of the accounting industry," spokeswoman Mamokgethi Rea Molopyane said in a statement.

On Monday, Public Enterprises Minister Malusi Gigaba announced that SizweNtsalubaGobodo had been appointed as the parastatal's external auditor for the next five years.

This was the first time in South Africa that a local, black-owned firm would handle the entire audit account of a company the size of Transnet.

Molopyane said the appointment would go a long way to transforming the accounting industry.

"The prevailing practice of appointing black professional firms as junior partners to their white counterparts or the so called 'top four' by virtue of size and age must go."

The top four refers to the accounting firms of PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young

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