Did South African Firms Pull Wool Over Shareholders' Eyes?
First it was the furniture giant Steinhoff that with the help of creative accounting and auditing by firm KPMG, fooled shareholders with inflated year-end figures, then came Tongaat Hulett, the country's biggest sugar producer and where once again shareholders and investors were fooled into believing that all was well - this time auditing firm Deloitte has been responsible for the 2018 audit which was called unreliable, and must be redone. The firm has in the meantime replaced senior staff members. So how credible are the accounting and auditing firms trusted by South African investors, shareholders and the general public?
Daily Maverick, 20 June 2019
Scandal-plagued retailer Steinhoff has published its much-delayed 2018 results. The usual headlines, such as the size of earnings or losses, really don't apply here. The bottom… Read more »
Daily Maverick, 4 June 2019
Corporate South Africa has long prided itself on its sophistication, governance ethos and commitment to the highest global standards of accounting and transparency. A strong… Read more »
The Auditor-General of South Africa has announced the termination of contracts with auditing firms KPMG and Nkonki Inc. KPMG suffered a year of bad publicity due to allegations of ... Read more »
Steinhoff International is a retail holding company dealing mainly in furniture and household goods. In 2017 the shock resignation of CEO Markus Jooste prompted an investigation ... Read more »