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.
The agreement sees Deloitte chip in €70-million (R1.24-billion) to help Steinhoff pay the global settlement proposal announced last July. The proposal saw Steinhoff offer €266-million to big investors who suffered losses following the group’s collapse.
KPMG SA CEO Ignatius Sehoole says the firm will take every opportunity to regain public trust because it wants to become "the most trusted and trustworthy" among its peers.
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In an attempt to further rebuild confidence in the firmâs operations.
By Roxanne Henderson, Bloomberg
15 Feb 2021 13:00
Image: Simon Dawson/Bloomberg
KPMG South Africa will become the nationâs first major auditor to stop offering consulting services to listed clients in an attempt to further rebuild confidence in the firmâs operations.
âThe objective of such a move is to help restore trust in the profession, as it removes any perception of conflicts of interest with our audit work for listed entities,â KPMG SA Chief Executive Officer Ignatius Sehoole said in a statement on Monday. The change will come into effect on March 31.
The auditing firm which is still cleaning up its image after the state capture and the VBS scandals said it will cease all future non-audit-related services to its listed audit clients from 31 March 2021.