We did the right thing with Steinhoff-Deloitte

JOHANNESBURG – Deloitte Africa has finally broken its silence on Steinhoff and says it is confident in its conduct as the global retailer’s auditor. Deloitte also maintains that the many probes into Deloitte’s audit opinions of the contentious financial statements are appropriate, given the alleged accounting irregularities at Steinhoff.

Deloitte is said to have raised questions about Steinhoff’s 2017 financial statements before they finalised its audit opinion and made a decision, together with the international furniture retailer, that these should answered by an independent investigation.

“Raising the questions prior to finalising the audit is an example of a good audit process, and we believe that we have done the right thing by raising our questions,” said Lwazi Bam, the CEO of Deloitte Africa.

Deloitte SA is facing an investigation by the Independent Regulatory Board for Auditors (IRBA) for the company’s audit opinions for Steinhoff for 2014, 2015 and 2016. Steinhoff is headquartered in Stellenbosch, South Africa but registered in Netherlands. It’s also dual listed on the Johannesburg Securities Exchange (JSE) and the Frankfurt Stock Exchange (FSE).

Commenting on the role of Deloitte in the Steinhoff saga for the first time, CEO Bam said the investigations by the IRBA and AFM  are to be expected.

“Deloitte is fully cooperating with the IRBA and the AFM and will continue to fulfil its ethical, legal and regulatory obligations. We remain committed to delivering on our professional responsibilities and acting in full compliance with regulatory and professional standards.

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