Daily Maverick | Sasha Planting | 16 February 2021 |
With SA’s Independent Regulatory Board for Auditors (Irba) in a full-blown governance crisis and the Auditing Profession Amendment Bill still wending its way through Parliament, two of the firms involved in SA’s gigantic accounting scandals are attempting to make right for past failings.
On Monday, Frankfurt-listed Steinhoff announced several measures that will bring it closer to settling several multijurisdictional legacy litigation issues that have hamstrung the firm since it collapsed under the weight of its $7.4-billion accounting fraud in 2017.
A key player in these agreements is Steinhoff’s former auditor, Deloitte, which many believe could have taken steps to prevent the fraud that impoverished thousands of shareholders.
