Pristyn Care auditor flags healthcare startup’s processes, internal controls

economictimes.indiatimes.com:

KPMG-affiliate BSR & Co, in its audit of Pristyn Care’s FY22 financials, pointed out that the company did not have internal controls to accurately determine prices charged to hospitals or patients. It also raised questions on the genuineness of the company’s agreements with doctors, and highlighted how the vendor selection process was not operating efficiently.

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Peak XV Partners and Tiger Global-backed Pristyn Care is yet to file its financial statements for FY22 and FY23.

One of the persons cited above said that BSR & Co has noted that the concerns raised could result in doctors being paid incorrect amounts, and unfavourable commercials for the company in case of its vendors.

The auditor’s note, however, pointed out that the company’s financial statements present a “true and fair view” of the state of the company. It also noted that “except for the effects of the material weaknesses,” the company had maintained “adequate and effective internal financial controls” with regard to its FY22 financials. The material weaknesses did not affect its opinion on the financial statements of the company, it added.

The development was first reported by Mint.

In a statement, Pristyn Care’s spokesperson said, “It is crucial to recognise that internal processes and controls evolve continuously in tandem with the company’s expansion and development. The auditor has emphasised the importance of strengthening our control environment