CAS1501 ASSIGNMENT 6
B1.1.1 VBS Mutual Bank
B1.1.2 Following the declaration of insolvency and bankruptcy in 2018, VBS Mutual
Bank was placed under curatorship for defrauding taxpayers and South African people
out of around R2 billion.
B1.1.3 The widespread poverty of its depositors, which has benefited the company's
senior management, legislators, and certain board members, has had a larger impact
for others stated in the article.
B1.2.1 Dumisani Tshuma
B1.2.2 Sipho Malaba
B1.2.3 Both Dumisani Tshuma and Sipho Malaba were employed by KPMG; Tshuma
was Malaba's partner and he was a member of the VBS audit team.
B1.2.4 Sipho Malaba worked with VBS in two capacities: as an engagement partner and
as a member of the audit team.
B1.2.5 As a member of the VBS audit team, Sipho Malaba's primary responsibility was
to conduct independent external audits on the company's yearly financial statements.
B1.1.1 VBS Mutual Bank
B1.1.2 Following the declaration of insolvency and bankruptcy in 2018, VBS Mutual
Bank was placed under curatorship for defrauding taxpayers and South African people
out of around R2 billion.
B1.1.3 The widespread poverty of its depositors, which has benefited the company's
senior management, legislators, and certain board members, has had a larger impact
for others stated in the article.
B1.2.1 Dumisani Tshuma
B1.2.2 Sipho Malaba
B1.2.3 Both Dumisani Tshuma and Sipho Malaba were employed by KPMG; Tshuma
was Malaba's partner and he was a member of the VBS audit team.
B1.2.4 Sipho Malaba worked with VBS in two capacities: as an engagement partner and
as a member of the audit team.
B1.2.5 As a member of the VBS audit team, Sipho Malaba's primary responsibility was
to conduct independent external audits on the company's yearly financial statements.
