QUESTION1: WHAT’S AN AUDITOR?
An auditor is a person, or a firm appointed by a company to execute an audit. To act as an auditor the
person should be certified by the regulatory authority of accounting and auditing. The role of an
auditor is to review and verify the accuracy of financial records and ensure that companies comply
with tax laws.
QUESTION2: WHO REGULATES AUDITORS IN BOTSWANA
Auditors are regulated by the Botswana Accountancy Oversight Authority. The Botswana
Accountancy Oversight Authority serves to license auditors and audit firms, maintain a register of
certified auditors and firms and to establish and maintain an investigation.
QUESTION 3: DIFFERENCE BETWEEN INTERNAL AND EXTERNAL AUDIT
Internal audit External audit
Scope It’s scope is determined by the It’s scope is determined by the
management relevant law
Objective It’s main objective is to detect It's main objective is to show
and prevent errors and frauds fair and true view of
accounting records
Duration It may be conducted for any It is only for a certain or
time of duration specific period of time
Report The reports are submitted to The reports are submitted to
the management the shareholders
QUESTION 4: AUDIT SCANDALS IN BOTSWANA
The KPMG scandal, Choppies enterprises- KPMG, Choppies enterprise Ltd released ‘fabricated’
financial results consecutively for a few years, which were not compliant with the International
Financial Reporting Standards and also in contravention of auditing and accounting regulatory
requirements.
KPMG Botswana in bank’s P200m accounting scandal- Kingdom Bank Africa Limited Liquidator
accused KPMG Botswana of misconduct in signing off the books of the bank which collapsed two
years ago and has filed a law suit of close to P200 million against the accounting and auditing firm on
behalf of creditors.
An auditor is a person, or a firm appointed by a company to execute an audit. To act as an auditor the
person should be certified by the regulatory authority of accounting and auditing. The role of an
auditor is to review and verify the accuracy of financial records and ensure that companies comply
with tax laws.
QUESTION2: WHO REGULATES AUDITORS IN BOTSWANA
Auditors are regulated by the Botswana Accountancy Oversight Authority. The Botswana
Accountancy Oversight Authority serves to license auditors and audit firms, maintain a register of
certified auditors and firms and to establish and maintain an investigation.
QUESTION 3: DIFFERENCE BETWEEN INTERNAL AND EXTERNAL AUDIT
Internal audit External audit
Scope It’s scope is determined by the It’s scope is determined by the
management relevant law
Objective It’s main objective is to detect It's main objective is to show
and prevent errors and frauds fair and true view of
accounting records
Duration It may be conducted for any It is only for a certain or
time of duration specific period of time
Report The reports are submitted to The reports are submitted to
the management the shareholders
QUESTION 4: AUDIT SCANDALS IN BOTSWANA
The KPMG scandal, Choppies enterprises- KPMG, Choppies enterprise Ltd released ‘fabricated’
financial results consecutively for a few years, which were not compliant with the International
Financial Reporting Standards and also in contravention of auditing and accounting regulatory
requirements.
KPMG Botswana in bank’s P200m accounting scandal- Kingdom Bank Africa Limited Liquidator
accused KPMG Botswana of misconduct in signing off the books of the bank which collapsed two
years ago and has filed a law suit of close to P200 million against the accounting and auditing firm on
behalf of creditors.
