Steinhoff scandal could date further back than initially thought
Steinhoff International announced on Tuesday that it's 2015 financial results can no longer be relied upon.
JOHANNESBURG - The Steinhoff accounting scandal could date further back than initially thought, with the Independent Regulatory Board for Auditors (IRBA) already probing audits all the way back to 2014.
Steinhoff International announced on Tuesday that it's 2015 financial results can no longer be relied upon, meaning that its results going back two years will have to be restated.
At the same time, Steinhoff says it's unclear when it will release its 2017 results.
The accounting scandal has wiped billions of dollars off the market value of the South African retailer.
IRBA confirmed last month that it is investigating Steinhoff’s auditors Deloitte.
CEO Bernard Agulhas says: "The accounting has a direct impact on the financial statements and the auditor’s expressed opinion on those financial statements.
"We’re also aware that there will be some reinstatement of our financial statements. The years that we will be investigating will be 2004, 2015 and 2016."