PwC has no idea how long its forensic investigation of Steinhoff’s accounts will take, says the audit firm’s southern Africa CEO, Dion Shango. "It’s simply not clear at this time what we are dealing with and how long it will take; we just don’t know. The investigation is ongoing," Shango said on Wednesday on the sidelines of the launch of PwC’s 21st annual global CEO survey. Shango’s comments spell trouble for the ailing retail giant, which is racing against time to finalise its 2017 financial statements by the end of January. Failure to do so could lead to the suspension of its JSE-listed bonds and a hefty fine from the Frankfurt Stock Exchange. Its external auditor, Deloitte, which refused to sign off on its financial statements in 2017 due to "accounting irregularities", has said it could finalise Steinhoff’s 2017 accounts only after the findings of PwC’s investigation. Shango’s comments suggest that its investigation will not be finalised soon. Steinhoff could face a fine of up ...
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