Updated Fri, June 10th 2016 at 00:12 GMT +3Former Chase Bank directors have accused their auditors of professional ignorance that saw the bank pay a heavy price. “All the explanations to the auditors fell on deaf ears, and the Central Bank had no option but to place Chase Bank under receivership,” explained the former directors. The bank claimed that its auditors, Deloitte & Touche, who had been with them for 20 years, abandoned them at the hour of need. After discussions with the Deloitte and the Central Bank of Kenya (CBK), Chase bank’s management was authorised to publish the financial statements on March 31, 2016. It singled out the Islamic Banking product known as Musharakah, which it notes Deloitte had no issue with it in the previous three years but raised queries on the same Islamic Banking product in its latest audit.

Source: Standard Digital June 10, 2016 04:07 UTC