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IRBA confirms probe into Deloitte after Steinhoff share price collapse

The regulatory board's Bernard Agulhas says in light of allegations of accounting irregularities, they've decided to conduct an investigation into Steinhoff's auditors.

A Deloitte logo is pictured on a sign outside the company's offices in London on 25 September 2017.  Picture: AFP.

JOHANNESBURG - The Independent Regulatory Board for Auditors (IRBA) has confirmed it's initiated an investigation into Deloitte South Africa, following the share price collapse of Steinhoff.

The global retail company lost about 90% of its stock value on the JSE after CEO Markus Jooste stepped down last week.

Chairman Christo Wiese resigned on Thursday night, following mounting pressure after the company admitted to fraud.

The regulatory board's Bernard Agulhas says in light of allegations of accounting irregularities, they've decided to conduct an investigation into Steinhoff's auditors.

“The accounting has a direct impact on the financial statement and the auditors expressed an opinion on those financial statements. The years that we will be investigating will be the financial years ended 2014, 2015 and 2016.”

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