STEINHOFF AUDIT
German regulator cannot probe Deloitte
The German regulatory authority for auditors has no direct legal competence to investigate Deloitte’s handling of the financial statements of the international retail holding company Steinhoff International Holdings. The chief executive director of the German authority, Ralf Bose, said in a letter to DA finance spokesman David Maynier since Steinhoff International Holdings was incorporated in the Netherlands, its auditor was Deloitte in Amsterdam. Bose’s letter was in reply to a request by Maynier that the German regulator, Abschlusspruferaufsichtsstelle beim Bundesamt fur Wirtschaft und Ausfuhrkontrolle, investigate the role of Deloitte in the audit of Steinhoff’s financial statements. Steinhoff was established in Germany in 1964 before it acquired assets in SA. It moved its primary listing to the Frankfurt Stock Exchange in December 2015, and founded a new Dutch holding company based in Amsterdam. The management remained in SA. "We would like to point out that in the current regul...
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