If I walked into any listed company, forced everyone to stop what they were doing and then spent a week investigating that company, I’m quite sure I would find enough to do serious damage to the company’s share price." So said a wise friend, who is not prone to dramatic claims, after rewatching Markus Jooste’s parliamentary performance. The grim reality for the accounting and auditing professions is that they must be desperately hoping the PwC investigation into Steinhoff will turn up something indisputably wrong — either one huge "something" or hundreds of smaller "somethings" that cannot be lightly dismissed as a matter of interpretation. The R200bn or so write-off recorded in the interim figures released in July certainly points to the likelihood of something indisputably wrong, and so the accounting and auditing professions may be saved. But this might only be so if Jooste is not interrogated too closely about any of it. In parliament he seemed to shrug off the debacle as incons...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now