Are investors making up their own minds about Steinhoff?
Despite a 339-page report, Deloitte is unable to make an audit opinion for the firm for 2018 — and gets well paid for doing so
After 18 months slogging through screeds of financial statements, Deloitte told investors who trawled through Steinhoff’s 339-page, 2018 annual report that it was not able “to obtain sufficient, appropriate audit evidence to provide a basis for an audit opinion on the consolidated and separate financial statements”.
It seems investors decided to make up their own minds. Within hours of the release of the report, the share price had slumped to R1.27 in intra-day trade on Thursday, a whisker away from the all-time low it reached in June 2018. It closed 5.84% lower at R1.29.