“The auditors fluttered anxiously. And, as always happens in their species, when something goes radically wrong and needs fixing instantly, they settled down to try to work out who was to blame.”
These lines from Terry Pratchett’s Hogfather, published 27 years ago, may well capture some of the tumult witnessed in India’s auditing profession in recent times. Except it is a double blame game these days, with audited firms hitting back at accountants exiting their mandates.
Statutory auditors, responsible for certifying a company’s financial health, usually carry out their work, including asking inconvenient questions to corporate managements, with a high level of discretion. But the gloves seem to be off now, as they strive to avoid regulatory strictures of the kind the erstwhile auditors of the imploded infrastructure lender IL&FS have been hit with.
Consider these developments: In June, Deloitte, the auditor of Byju’s, resigned noting that there was a “significant impact” on its ability to perform the audit according to necessary standards and that it has “not received any communication on the resolution of the audit report modifications” for 2021-22.
Then in August, One97 Communications, fintech giant Paytm’s parent, informed stock exchanges that Price Waterhouse Chartered Accountants had resigned as the statutory auditor of its subsidiary Paytm Payments Services due to a change in the auditor of the holding company. Price Waterhouse Chartered Accountants has “not raised any concern or issue”, it asserted.
WHO IS RESPONSIBLE?
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DE-RISKING THE BOOKS
INDIAN BANKS ARE BEGINNING TO TAKE BABY STEPS TOWARDS ADDRESSING CLIMATE-RELATED FINANCIAL RISKS IN THEIR BOOKS. BUT THEY MUST PUT THEIR FOOT ON THE PEDAL AND ENHANCE PREPAREDNESS
PAYING FOR CHANGE
WITH EXTREME WEATHER INCREASINGLY PUTTING THE COUNTRY AND ITS ECONOMY AT RISK, INDIA SHOULD EXPLORE CLIMATE FINANCE PATHWAYS TO FUND ITS NET-ZERO JOURNEY TOWARDS A GREENER FUTURE
BEYOND THE BLIP
ESG HAS BEEN UNDER SCRUTINY GLOBALLY AMID ALLEGATIONS OF GREENWASHING AND RECORD REDEMPTIONS FROM ESG FUNDS. BUT THAT MAY JUST BE ONE SIDE OF THE STORY, SINCE SUSTAINABLE PRACTICES HAVE BECOME CORE COMPONENTS OF COMPANIES' STRATEGIES
BANDHAN AT A CROSSROADS
THE BELEAGUERED LENDER, LED BY CHANDRA SHEKHAR GHOSH, HAS FACED A HOST OF CHALLENGES IN RECENT TIMES. IT HAS READIED A BLUEPRINT TO DEAL WITH THEM. BUT WILL IT SUCCEED WITHOUT GHOSH AT THE HELM?
RESULT AND REPERCUSSIONS
After the verdict, the Street has turned cautious with analysts expecting the new government to reassess some of its policy priorities
D-STREET ANGELS
FACED WITH A DEARTH OF PURE-PLAY THEMES IN THE SECONDARY MARKETS, SEASONED INVESTORS LIKE VIJAY KEDIA, MUKUL MAHAVIR AGRAWAL, AND THE JHUNJHUNWALAS HAVE TRAINED THEIR SIGHTS ON THE START-UP
A Man of Multitudes
IN A NEW BOOK, CAPTAINS OF INDIA INC. AND OTHERS PAY TRIBUTE TO RAHUL BAJAJ, THE TITAN OF INDIAN INDUSTRY
HOUSE OF THE RISING SUN
WITH THE GOVERNMENT OFFERING SUBSIDIES UNDER THE PM SURYA GHAR MUFT BIJLI YOJANA, MANY HOUSEHOLDS HAVE TAKEN A SHINE TO SOLAR ROOFTOP PANELS. BUT HOW MUCH DO THEY COST?
FROM GREY TO GREEN
WITH THE CLIMATE CRISIS BECOMING MORE ACUTE, GREEN HYDROGEN COULD BE AN IMPORTANT SOLUTION
ECO CHAMBER
DATA CENTRES ARE A VERY VITAL PART OF THE DIGITAL TRANSFORMATION THAT IS UNDERWAY, BUT THERE'S A PROBLEM: THEY CONSUME TOO MUCH ENERGY. AS DEMAND FOR SUCH CENTRES INCREASES IN INDIA, IT HAS NO OPTION BUT TO EMBRACE GREEN SOLUTIONS