The Independent Regulatory Board for Auditors says that, as part of its probe into the role played by Deloitte SA in the auditing of Steinhoff’s financial statements, it will rely on the publication of the retailer’s restated financials
The Independent Regulatory Board for Auditors said this week that, as part of its probe into the role played by Deloitte SA in the, it would rely on the publication of the furniture retailer’s restated financials.€6.5 billion The deals, orchestrated over several years, enabled Steinhoff to artificially boost profits, puff up property values and inflate the amount of cash it held, the probe found.
Bernard Agulhas, the CEO of Irba, said the watchdog’s probe, which began in December 2017, was into Deloitte SA, which had signed off on the group consolidated financial statements up to 2015.“Being able to conclude our investigation into the audits is reliant on the publication of the restated figures for the 2015 and 2016 financial years.”
“Considering that more chartered accountants, and therefore Saica members, could be implicated in the Steinhoff matter, Saica will request relevant details from Steinhoff in order to provide input into the institute’s own investigative and disciplinary procedures,” Saica said.
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