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Steinhoff Africa Retail parts ways with auditor Deloitte.

May 23 2018 17:07

Cape Town - Steinhoff Africa Retail [JSE:SRR] is parting ways with auditor Deloitte.

In a media statement on Wednesday afternoon, STAR said that that PricewaterhouseCoopers (PWC) had been appointed as the company's external auditor with effect from May 23. 

STAR, previously known as Pepkor, is a separate company from Steinhoff International Holdings.  

STAR CEO Leon Lourens said in a short statement that Deloitte decided to resign "after careful consideration and by mutual agreement with STAR management and its audit committee". 

“A significant component of the STAR group was already audited by PricewaterhouseCoopers and using two auditors simultaneously, caused an inefficient duplication of efforts,” he said. 

Deloitte has been the longtime auditors of Steinhoff International Holdings, whose share price has plummeted precipitously since its former CEO Markus Jooste stepped down amid an accounting scandal in December 2017. 

Steinhoff too has considered parting ways with Deloitte, but decided at its recent Annual General Meeting in the Netherlands to retain Deloitte as its auditors for the 2018 financial year.

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