Steinhoff Delays Earnings Report Over Audit Complexies

Steinhoff International Holdings NV pushed back the dates for the publication of audited earnings for 2017 and 2018 after the findings of a forensic probe by PwC made the process more time consuming and complex, Bloomberg News reported. The South African retailer, which almost collapsed amid an accounting scandal in late 2017, is working toward ensuring that all appropriate adjustments are made to valuations and profitability at various subsidiaries, the company said in a statement on Friday. That has slowed down the process considerably. “We sincerely regret this further delay,” Chief Financial Officer Philip Dieperink said in the statement. “While substantial progress has been made, the volume and complexity of the accounting and audit work required to address the numerous transactions identified in the PwC report” have significantly increased the workload. Read more