Last week, I suggested that Steinhoff’s accounting shenanigans can be attributed (at least in part) to poor data quality and, more directly, to poor data governance.

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A common definition of quality data is data that is fit for purpose.

Francois Marais’s Response to ‘a Steinhoff guide for dummies’ gives non-financial experts an understanding of what Steinhoff was doing.

Is this really a data quality problem?

It depends on your perspective – or, in my judgement, your purpose.

If you were the Steinhoff accountants trying to present a more positive face to the world – then the data was of good quality.

If, on the other hand, you were an investor or a creditor, then the numbers were arguably of poor quality.

Fitness for purpose depends on the purpose

A great example of how data can appear to be of good quality until it needs to be used for another purpose

In recent news – Steinhoff 2016 results also need to be restated

Learn about the significance of data quality for King III and King IV compliance, and how it ensures transparency, accountability, and ethical corporate behaviour.

Learn about the challenges of FATCA compliance, and the importance of data quality in meeting regulatory requirements.