J&K Bank's Central Statutory Auditors Removed Prematurely
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The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The central statutory auditors of Jammu and Kashmir Bank have been removed prematurely.
The Comptroller and Auditor General of India or the CAG removed the bank’s three auditors O Aggarwal & Co, Dharam Raj & Co,, and Arora Vohra & Co in September. The auditors had served two years of their three-year tenure; their term was to expire in this financial year FY24.
Newly Appointed Auditors are M/s Gupta Gupta & Associates LLP, M/s Lunawat & Co. (Partner of this Firm is Presently ICAI Central Council Member) and M/s JCR & Co. LLP.
The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts as well as for the first quarter of the current financial year FY24. This was with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The auditors had raised red flags alleging that employees availed loans from the bank to purchase the shares, but that was in violation of the RBI's Directions.
The CAG found no objections to this statutory auditors’ report, ETCFO has learned.
In accounting parlance, a qualified opinion means that financials are fairly represented but with the exception of a certain area.
The central statutory auditors of Jammu and Kashmir Bank have been removed prematurely.
The Comptroller and Auditor General of India or the CAG removed the bank’s three auditors O Aggarwal & Co, Dharam Raj & Co,, and Arora Vohra & Co in September. The auditors had served two years of their three-year tenure; their term was to expire in this financial year FY24.
Newly Appointed Auditors are M/s Gupta Gupta & Associates LLP, M/s Lunawat & Co. (Partner of this Firm is Presently ICAI Central Council Member) and M/s JCR & Co. LLP.
The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts as well as for the first quarter of the current financial year FY24. This was with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The auditors had raised red flags alleging that employees availed loans from the bank to purchase the shares, but that was in violation of the RBI's Directions.
The CAG found no objections to this statutory auditors’ report, ETCFO has learned.
In accounting parlance, a qualified opinion means that financials are fairly represented but with the exception of a certain area.
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