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Irba receives reportable irregularity regarding Steinhoff

In respect of suspected Steinhoff fraud.

The Independent Regulatory Board for Auditors (Irba) has confirmed that a notice of a reportable irregularity has been filed with it in the last week regarding suspicions of fraud in relation to the accounts of Steinhoff.

This is notable because a reportable irregularity (IR) is filed by an auditor of a company in the event where an “unlawful act or omission” committed by an executive in charge of an entity that has caused, or will cause “material financial loss” to the company, including other providers of capital.

It can also be filed for more serious breaches, including events that are fraudulent or amount to theft, as well as for material breaches of fiduciary duty by those in positions of responsibility.

“The Irba recently received an RI related to the recent news reports regarding Steinhoff. In accordance with the process, this is a first RI. In terms of the process the auditor has 30 days to engage with the client and revert,” said Irba in response to questions from Moneyweb.

Deloitte is the registered auditor of the Steinhoff holding company. At the very least it confirms what has already been suggested.

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There we go – the cage has been rattled and now the fat rats are scattering. The thing about the rat-race is, to exceed, you have to be the biggest, fattest, ugliest, stinkiest rat – only to realise it was all in-vain, there’s nothing at the end of the rat-race, just more stinking rats.

Big deal. Everyone has already lost there money. Thanks for nothing!!!!!!

Let this whole deplorable saga of the Steinhoff debacle prove once and for all to the South Africa populace that CORRUPT CAPITAL is color blind. It is not Black, White, Pink or Yellow. It is COLOR BLIND. It is the resultant sum of unbridled greed + useless business and moral ethic and lack of backbone and accountability coupled with so called toothless and spineless accounting and other so called governance institutions. As far as accountability of the Board of directors goes, a case in the Australian Courts called “CENTRO” is of significance in this instance. I include the link for interested personas to read.

https://www.claytonutz.com/knowledge/2011/june/what-does-the-centro-case-mean-for-directors

The IRBA has received a notice of a reportable irregularity. So what.
Does this mean the public will see swift action, speedy investigation and sanctions for any guilty party? Unlikely. I suspect this will be a dragged out process whose importance will soon fade as the lack of action causes everyone to lose interest. There will probably be no public disclosure of any finding and certainly no disclosure of any sanction that may be imposed. The ranks will close.

End of comments.

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