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DA: Steinhoff International auditors must be investigated

FIle image: IOL

FIle image: IOL

Published Dec 8, 2017



The Democratic Alliance says its concerned that Deloitte Germany, the auditing firm responsible for signing off the financial statements, may have turned a blind eye to accounting irregularities at Steinhoff International Holdings. 

The DA's David Maynier said in a statement, "I have, therefore, formally requested an investigation into whether Deloitte Germany or Deloitte South Africa complied with international audit standards in its audits of Steinhoff International Holdings."

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Maynier said, because the matter traverses a number of jurisdictions, he has requested investigations by the following regulators; the Dutch Authority for the Financial Markets (Netherlands), the Auditor Oversight Body (Germany) and the Independent Regulatory Board of Auditors (South Africa).

ALSO READ: Steinhoff continues to hemorrhage after fallout

The DA action comes after Steinhoff International CEO, Markus Jooste resigned with immediate effect amid the international retailer admitted irregularities in its financial accounts which sparked an investigation and a fall in its shares.  

On Tuesday, Steinhoff's shares closed trading on the JSE at R46.25 and drastically dropped to R6.00 after CEO Markus Jooste's departure. 

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Finance Minister, Malusi Gigaba has also requested the retirement funds regulator at the Financial Services Board (FSB), the Public Investment Corporation (PIC), and the Government Employees Pension Fund (GEPF) to provide him with a report on the extent of exposure for retirements funds.

ALSO READ: Gigaba calls for an investigation into Steinhoff

"We therefore welcome the fact that the accounting irregularities at Steinhoff International Holdings will now be investigated by external and independent institutions, including the Financial Services Board and the Johannesburg Stock Exchange in South Africa," DA said.

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