Steinhoff: Beyond the outrage
How could an international group get away with this? And what kind of auditors could let it all happen, asks Ann Crotty
Imagine you owned a spaza shop, and then bought another one, and another one, and another one. And before you knew it, you were running a huge business spread across not just SA and Africa but the world.
Everything had moved so fast you hadn’t been able to apply the appropriate accounting and governance policies to your business empire. But some of your close friends are helping out. And what the heck, it’s your business and you — and a few of the close friends — should be able to dip into it to do whatever deals they please, their way...