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Last Updated : Jun 13, 2019 09:27 AM IST | Source: Moneycontrol.com

Sensing trouble, these top auditors have resigned from listed companies

Here are some companies that saw their auditors quit over controversial issues

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Professional services firm Price Waterhouse & Co Chartered Accountants (PwC) resigned as the statutory auditor for Anil Ambani-led Reliance Capital and Reliance Home Finance, with effect from June 11. It cited unsatisfactory response to “certain observations” made by the two companies as part of the ongoing audit for fiscal 2018-19. Here are some other companies that saw their auditors leaving. (Image: Reuters)
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Price Waterhouse & Co Chartered Accountants has resigned as the statutory auditor for Anil Ambani-led Reliance Capital and Reliance Home Finance, with effect from June 11. It cited unsatisfactory response to “certain observations” made by the two companies as part of the ongoing audit for fiscal 2018-19. Here are some other companies that saw their auditors resign. (Image: Reuters)

Deloitte Haskin and Sells stepped down as auditor of Manpasand Beverages last year, just a few days before the declaration of annual results. As per reports, the auditor made the move due to lack of cooperation from the company in sharing documents to support costs, revenues and capital expenditure at the company, things that are required to be submitted to the auditors as per regulations. (Image: Manpasand Beverages Ltd)
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Deloitte Haskin and Sells stepped down as auditor of Manpasand Beverages last year, just a few days before the declaration of annual results. As per reports, the auditor made the move due to lack of cooperation from the company in sharing documents to support costs, revenues and capital expenditure at the company, things that are required to be submitted to the auditors as per regulations. (Image: Manpasand Beverages Ltd)

Later that year, the auditing firm also tendered its resignation as the statutory auditor for Fortis Healthcare since the company’s largest shareholder Malaysian firm IHH prefers to align its auditors on a group wide basis.
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Later that year, the auditing firm also tendered its resignation as the statutory auditor for Fortis Healthcare since the company’s largest shareholder Malaysian firm IHH prefers to align its auditors on a group wide basis. (Image: Fortis)

Price Waterhouse &Co resigned as the auditor of Vakrangee Ltd in April last year due to lack of information provided by the company about its election books, bullion and jewellery business.
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Price Waterhouse &Co resigned as the auditor of Vakrangee Ltd in April last year due to lack of information provided by the company about its election books, bullion and jewellery business. (Image: Vakrangee)

The auditor also stepped down from the same position vis-a-vis construction and infrastructure company Atlanta Ltd on 29 May last year after it refused to share details of an ongoing tax investigation, lack of disclosures about ‘significant observations by tax authorities’ and the resignation of an independent director. (Image: Reuters)
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The auditor also stepped down from the same position vis-a-vis construction and infrastructure company Atlanta Ltd on 29 May last year after it refused to share details of an ongoing tax investigation, lack of disclosures about ‘significant observations by tax authorities’ and the resignation of an independent director. (Image: Reuters)

On 29 May audit firm Mehrotra and Mehrotra resigned from Bhushan Steel Ltd.
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On 29 May audit firm Mehrotra and Mehrotra resigned from Bhushan Steel Ltd. (Image: Bhushan Steel)

In June last year, three coporates in Coimbatore, Kovai Medical Center and Hospital Ltd (KMCH), Pricol Ltd and LGB Forge informed the stock exchange about the resignation of their statutory auditor. Incidentally, all three of these companies had appointed Haribhakti & Co LLP as their statutory auditor. (Image: www.pricol.com)
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In June last year, three coporates in Coimbatore, Kovai Medical Center and Hospital Ltd (KMCH), Pricol Ltd and LGB Forge informed the stock exchange about the resignation of their statutory auditor. Incidentally, all three of these companies had appointed Haribhakti & Co LLP as their statutory auditor. (Image: www.pricol.com)

First Published on Jun 13, 2019 09:27 am
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