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الخميس, 16 سبتمبر 2021 10:07

مدقق ديلويت السابق يواجه إجراءً تأديبيًا على Steinhoff

يواجه شريك Deloitte LLP السابق إجراءً تأديبيًا في هولندا بسبب إجراء تدقيق غير لائق

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المحتوى بالإنجليزية An ex-Deloitte LLP partner is facing disciplinary action in the Netherlands for an improper audit of Steinhoff International Holdings NV prior to the South African retailer’s near collapse more than three years ago.

The Dutch Authority for the Financial Markets accuses Patrick Seinstra of failing “to obtain sufficient and appropriate audit evidence from the annual accounts,” according to papers from the hearing.

Deloitte refused to sign off on Steinhoff’s accounts in late 2017, leading to the resignation of then Chief Executive Officer Markus Jooste and a share price slump. The firm had been auditing Steinhoff for years, initially in South Africa and then from Europe after the company moved its primary listing to Germany.

Rugby training shields advertising Steinhoff International Holdings in storage at the University of Stellenbosch rugby field in Stellenbosch, South AfricaWaldo Swiegers/Bloomberg
In the probe that followed the scandal, PwC uncovered 6.5 billion euros ($7.8 billion) of irregular transactions between Steinhoff and eight firms between 2009 and 2017.

The AFM’s claims specifically relate to Steinhoff Europe, where the PwC forensic investigation showed a large part of the alleged fraud took place. The retailer’s European accounts were audited by Commerzial Treuhand GmbH, and the regulator says Seinstra failed to check the German firm’s submission was correct.

Commerzial Treuhand is not aware of any misconduct in its work, Managing Director Timo Cybucki said by email.

Seinstra submitted an “extensive statement of defense” in response to the AFM’s complaint. This focuses on Steinhoff’s background and the planning and design of the audit and the fraud, according to the AFM papers. Still, the AFM maintains that Seinstra “has acted culpably under disciplinary action”.

The Auditor’s Chamber can impose measures ranging from a conditional fine to a cancellation of the accountant’s registration. Still, it can’t issue an order for costs or decide compensation in the way a civil court judge can.

Deloitte Netherlands discovered irregularities at Steinhoff during the annual audit in 2017, “despite the fact that the auditor was found to have been deliberately misled,” it said in an emailed response to questions. It then insisted on “an independent investigation” that confirmed “the complex management fraud.”

Deloitte hasoffered a contribution of 77.9 million euros toward Steinhoff legal settlements, without admitting liability and in exchange for certain waivers.

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الأربعاء, 21 سبتمبر 2022 12:50

استقالة رئيس شركة كي بي ام جي في المملكة المتحدة بعد أيام من انتقاده للموظفين

استقال رئيس شركة KPMG في المملكة المتحدة بعد أيام من إثارة غضب واسع النطاق لإخباره الموظفين بالتوقف عن الشكوى من الوباء

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المحتوى بالإنجليزية KPMG U.K. chair resigns days after slamming ‘victim card’ staff
By Michael Kapoor
February 12, 2021, 1:38 p.m. EST

KPMG’s U.K. chairman has resigned days after sparking widespread anger for telling employees to stop moaning about the pandemic.

Bill Michael, KPMG’s U.K. chair and senior partner since 2017, will leave the firm at the end of the month, admitting that his position had become “untenable.”

He had been placed under investigation after telling KPMG’s financial services consulting team to “stop moaning” and “playing the victim card” when employees voiced concern over possible cuts to their pay and pensions at a virtual meeting Monday.

Sean Gallup/Getty Images
“I love the firm and I am truly sorry that my words have caused hurt amongst my colleagues and for the impact the events of this week have had on them,” Michael said in an emailed statement Friday. “In light of that, I regard my position as untenable and so I have decided to leave the firm.”

Michael stepped aside from his position as chair on Wednesday for the duration of the investigation and apologized for his comments.

“It’s further evidence of a bullying culture and Bill Michael won’t be the only example of that,” said Prem Sikka, an accounting professor at Sheffield University. “They need to mend the culture and concentrate on improving audit quality rather than bullying staff.”

The pandemic has taken a toll on all professional services firms. KPMG said earlier this month that its partner profits would fall by 11 percent and it said in July, that it would cut as many as 200 jobs from its U.K. workforce.

Senior elected board member Bina Mehta has been named acting U.K. chair, with KPMG saying it would “undertake a leadership election in due course.” Mary O’Connor, KPMG’s head of clients and markets, will take over Michael’s role as senior partner.

“Bill has made a huge contribution to our firm over the last 30 years, especially over the last three years as chairman, and we wish him all the best for the future,” Mehta said.

The move comes as the so-called Big Four accounting firms have faced increasing criticism in Europe. Auditors are under greater scrutiny than ever after a series of high-profile lapses in recent years, with EY’s role in the collapse of German payments provider Wirecard AG now under the microscope.

In the U.K., KPMG has faced fierce criticism over its auditing of Carillion Plc, whose collapse prompted the government to launch a series of inquiries into auditing standards.