COSAE to question BoU audit partner firm

By Moses Kyeyune.

Parliament’s committee on Commissions Statutory Authorities and State Enterprises has resolved to summon auditors of Price Water Coopers (PWC) to explain the 239 billion shillings under-capitalization of Crane Bank Limited.

Price Water Coopers is a group of auditors hired by the Central Bank to produce a forensic audit and inventory report on Crane Bank as of October 2016 when the bank was closed.

The committee chaired by Bugweri County MP Abdu Katuntu resolved to summon the auditors after Bank of Uganda for the second time failed to justify and explain how they reached a decision that Crane Bank was under capitalised by Shillings 239 billion leading to its closure.

This was after Kasilo County MP Elijah Okupa expressed disappointment for not receiving responses from Crane Bank officials concerning the figures.

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