Letters sent to affiliates of Deloitte, EY, KPMG, Grant Thornton, and two CA firms based in Ahmedabad; Adani Group says it complies with relevant accounting standards & laws
National Financial Reporting Authority has shot off queries to audit affiliates of Deloitte, EY, KPMG, Grant Thornton, and two Ahmedabad-based CA firms regarding audit practices they followed while auditing Adani companies. The Adani Group said it has complied with relevant accounting standards and applicable laws.
The requested audit information extends up to FY22 and, in certain instances, covers the last decade, said a source close to the matter.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitUniversity of Western AustraliaUWA Global MBAVisitIIM LucknowIIML Chief Executive Officer ProgrammeVisit«It is a normal audit quality inspection, and the regulator does that from time to time in select cases,» said the source. «What they have sent us is a templated form they send to auditors during audit quality inspections.»
NFRA has been tracking the Big Four firms for the past 18 months as their affiliates audit most of the top listed companies in India.
Last year too, NFRA picked up four audits of each of the top firms and evaluated those for quality; the report has not been made public yet.
Reacting to NFRA enquiries, the Adani Group said it is compliant with the applicable laws. «We strongly reject any suggestion that Adani Group and its businesses have not acted as per the regulations and accounting standards of the jurisdictions in which we operate,» the Ahmedabad-based infrastructure conglomerate said in a statement. «The Adani Group has always conducted its business in compliance with all applicable laws and regulations and is confident about its practices, governance and disclosures.»
Seasoned auditors say that the
