Auditor Resignation in vadapalani

Auditor Resignation in vadapalani - Filingpoint

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MUMBAI: With investors more aware, corporate governance standards have come under the spotlight. This has made auditors cautious about certifying accounts that may turn out to be fraudulent later. This is why the number of auditor resignations is rising this year. Since January, more than 30 audit firms have dropped their clients midterm, compared to about 7 in 2017, according to data from Prime Database.

The latest to quit is Deloitte, which has resigned as auditor of India's Adani Ports. The move casts a fresh shadow on the financial management of Adani Group, which has been plagued by allegations from a U.S.-based short seller that it used tax havens, convoluted related party transactions and high debt levels. The conglomerate has denied the charges.

To resign, an auditor has to deposit a written notice at the registered office of the company along with a statement that contains the details of the reasons for the resignation. The company then has to appoint a new auditor within a month of the receipt of the notice. If the company does not appoint a new auditor, it can be forced to pay a penalty that varies between Rs 50 and Rs 500 for each day of delay. Investors should keep an eye on when their auditor resigns from the company as it could have an impact on valuations. For example, Manpasand Beverages shares continued to fall after Deloitte Haskins & Sells resigned in May 2018 over the management's refusal to share key information.

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