ICAI issued notice to Kingfisher Airlines' Auditors
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Institute of Chartered Accountants of India has set up a financial review board to look into the alleged financial irregularities at United Spirits, UB group and Kingfisher Airlinesin the past few years.
The institute has also issued notices to the auditors of United Spirits, UB group and other group companies to join the probe. Its president M Devaraja Reddy confirmed to ET that a panel has been set to look into the role of auditors in the alleged fund diversion case.
USL accounts were audited by Price Waterhouse, Walker Chandiok & Co and several other firms. "If auditors are found guilty, they will be banned, as we did in the Satyam case," Reddy added. (PTI - Economic Times)
The institute has also issued notices to the auditors of United Spirits, UB group and other group companies to join the probe. Its president M Devaraja Reddy confirmed to ET that a panel has been set to look into the role of auditors in the alleged fund diversion case.
USL accounts were audited by Price Waterhouse, Walker Chandiok & Co and several other firms. "If auditors are found guilty, they will be banned, as we did in the Satyam case," Reddy added. (PTI - Economic Times)
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CA Neeraj kumar
17-Mar-2016 , 12:06:35 pmwhole system regarding allotment of audit by private organisations need to be revamp as the same should have been alloted through govt or any of its designated agency in order to improve quality auidts and curb malpractices and for better corp.governance otherwise desired results cant be achieved.. first satyam then now kingfisher..its wake up call for all of us as a citizen of this grt nation