The group said in a stock exchange announcement: "Steinhoff will update the market as the aforesaid investigation proceeds".
In addition, the company will determine whether any prior years' financial statements will need to be restated, it said. Steinhoff said at the time it was "fully committed" to support the probe.
The JSE says it's been talking to Steinhoff to find out the exact allegations against the worldwide company after the furniture retailer shares plummeted.
Steinhoff's chairman, retail tycoon Christo Wiese, alongside former Pepkor CEO Pieter Erasmus, will run Steinhoff until a new CEO is appointed, a statement issued at 10.45pm on Tuesday night said. Steinhoff stock closed down 63 percent in Frankfurt, while its bonds also sold off sharply.
Steinhoff was due to publish financial results on Wednesday, however that has been postponed because of accounting irregularities.
Just hours earlier, Steinhoff had confirmed it was unable to release its latest financial results as planned that morning because it had asked auditors from PwC to examine its accounting practices. The claims were that the company inflated revenues.
It is not now clear what "accounting irregularities" the company is referring to in its statement. Reuters reported last month that Steinhoff did not tell investors about nearly $1 billion in transactions with a related company, despite laws that some experts say require it to do so. A spokesman declined further comment.
Steinhoff's average tax rate over the past five years has been only 12 percent, which is about half the headline corporate tax rate in its main markets and less than half the rates paid by listed competitors including France's Casino, Germany's Metro AG and South Africa's Woolworths. Omri Thomas of Abax Investments, the 15th largest investor in Steinhoff, said because there was no immediate prospect of any clarity on its results, it was hard to put a value on Steinhoff and this had prompted the severe share reaction.