Steinhoff delays publication of audited financial statements | Fin24
 
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Steinhoff delays publication of audited financial statements

Apr 05 2019 11:05
Jan Cronje, Fin24

Steinhoff announced on Friday that it would delay the publication of its audited financial statements due to the complexity of the accounting and audit work required.

The embattled retailer had hoped to published its delayed group financial statements for 2017 and 2018 in mid-April.

These statements were put on hold while PwC conducted a 14-month forensic audit of the group.

PwC sent its 3000-page report to Steinhoff leadership on March 15. The multinational had hoped that its external auditors, Deloitte, would be able to incorporate the findings of the PwC report into group finances by mid-April.

But it now says the deadline cannot be met.

"The issues highlighted have proved to be exceptionally complex in both accounting and auditing terms, and Steinhoff wishes to be diligent in ensuring that all issues are correctly dealt with and disclosed in the Group’s annual financial statements," said Steinhoff in an update to shareholders. 

"…[D]espite significant efforts being exerted by all parties, it is now clear that the mid-April timeline for completing the group consolidated financial reporting and related audit processes cannot be met."

The group now estimates it will publish its audited financial statements on the following dates:

   •  Group 2017 financial results – 7 May 2019;  

  • Group 2018 financial results – 18 June 2019;
  • Steinhoff Investment Holdings Ltd 2017 – 28 June 2019; and
  • Steinhoff Investment Holdings 2018 – 28 June 2019.

steinhoff  |  accounting fraud  |  retail  |  companies
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