Skip to main content

PwC investigates accounting irregularities at Steinhoff

Poundland-owner Steinhoff International has appointed PwC to conduct an independent review into accounting irregularities

The company announced that new information had emerged which required investigation into accounting irregularities, and said it was unable to publish its financial results as a result.


In the same statement, the South-African retailer also announced that its chief executive Markus Jooste would be leaving the company with immediate effect.


Deloitte is Steinhoff’s current auditor. Deloitte declined to comment due to client confidentially obligations and the ongoing investigations.


Steinhoff said in a statement that it would publish its audited 2017 consolidated financial statements when it is in a position to do so.


The investigation could result in prior years’ financial statements needing to be adjusted.


Jooste has been replaced by the chairman Christo Wiese, who will work as executive chairman on an interim basis. Pieter Erasmus, former CEO of Pepkor Group, also joins in an executive advisory capacity to assist Wiese.


Shares at the retailer plunged as much as 68% following the announcements.


The group holds 6,500 retail outlets and 40 brands worldwide, including Bensons for Beds and Harveys in the UK.

Labels:

Comments

Post a Comment

Popular posts from this blog

The Changing Face of the Accountancy Profession

By Rachel Grimes Rachel Grimes is the President of the International Federation of Accountants. Ms. Grimes was appointed President in November 2016 after serving as Deputy President since 2014 and IFAC Board member since 2011. She was nominated by CPA Australia and Institute of Chartered Accountants Australia (ICAA), now the Chartered Accountants Australia and New Zealand. She is also a member of the Nominating Committee. Ms. Grimes is currently Chief Financial Officer, Group Technology Finance at Westpac Group, a multinational financial services firm. Previous to this, Ms. Grimes was Director of Mergers and Acquisitions at Westpac. She has more than 25 years of experience across the financial services sector, working with Westpac and BT Financial Group as well as for PwC. Ms. Grimes joined the ICAA in Australia in 1994 and advanced to Fellowship in 2002, before being appointed as a Director in 2006. Ms. Grimes was appointed President of ICAA in 2011. She also held the offic...
Post a Comment
Explore more »

IASB consults on the accounting for financial instruments with characteristics of equity

The International Accounting Standards Board (Board) today has published for public comment a  Discussion Paper  on how companies issuing financial instruments should classify them in their financial statements. IAS 32  Financial Instruments: Presentation  currently sets out how a company that issues financial instruments should distinguish financial liabilities from equity instruments. That distinction is important because the classification of the instruments affects how a company’s financial position and performance are depicted. IAS 32 works well for most financial instruments. However, continuing financial innovation means that some companies find it challenging to classify some complex financial instruments that combine some features of both debt—liabilities—and ordinary shares—equity instruments. Challenges in classifying these instruments can result in diverse accounting in practice, which in turn makes it difficult for investors to assess and...
Post a Comment
Explore more »

Bond Listing

FMDQ OTC Securities Exchange provides an efficient platform for registration, listing, quotation and valuation of bonds. FMDQ through its trading and surveillance systems and and the publication of FMDQ Daily Quotations List has empowered the Nigerian sovereign bonds and other classes of bonds with price discovery, transparency and market integrity. Bonds listed and admitted on FMDQ are traded by its Dealing Members some of which act as primary dealers to the sovereign domestic bonds. FMDQ Dealing Members act as market makers to the Nigerian sovereign bonds and some other classes of bonds thereby providing trading liquidity to the Nigerian bond market. The OTC securities exchange is responsible for circa 100% of bonds traded in Nigeria. As part of its mandate to provide exceptional levels of information transparency, FMDQ provides continuous disclosure of relevant information on fixed income issues listed on its platform. This information includes amongst others – issue siz...
Post a Comment
Explore more »