Mazars South Africa unit to work with Dutch office as external auditor for Steinhoff Group
The appointment of Mazars Netherlands was announced at Steinhoff International's AGM.
On Tuesday 12 November, Steinhoff International announced the appointment of Mazars Netherlands as its new external auditors of the Steinhoff Group.
According to the statement, the Dutch Mazars audit team will work closely with their colleagues in the UK, South Africa and France, as well as other jurisdictions where possible.
In August, Steinhoff informed shareholders that Mazars will be replacing Deloitte as the auditors during the group’s annual general meeting. In 2017, Deloitte refused to sign off the retailer’s financials, ahead of an accounting scandal that knocked more than R200 billion off the company’s market capitalisation.
The group’s audit and risk committee had recommended Mazars as they had no material formal relationships with the retailer and have the appropriate expertise and resources available.