Woollam on Tongaat latest: Auditors must be more Bloodhound, less Labrador

In a superbly researched Financial Mail cover story this week, editor Rob Rose leads one to the obvious conclusion that Tongaat CEO Peter Staude bet the proverbial farm – and the integrity of the group's financials – on a rebound in the sugar price that never came. That aligns with the view of former banker Dave Woollam, a CA, who blew the whistle after unpacking deficiencies accumulated over a decade in the Tongaat accounts. Woollam returned to Rational Radio this week to update us on the latest developments at the once iconic KZN business – and offer insights on the findings by Lord Donald Brydon's commission of inquiry in the UK which is examining how the auditing profession needs to change. – Alec Hogg 

Dave Woollam believes the Tongaat story is "worsening" with the "only ray of hope" embattled shareholders and staff that new CEO Gavin Hudson and his team will produce an operational plan to return the business to profitability. Unfortunately, lots more dirt is likely to emerge as the forensic audit digs deeper, further damaging the reputation of a company whose credibility is "in tatters".

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