Friday, July 13, 2012

Cos' audited reports with qualifications to face SEBI scrutiny

A committee set up by the Securities and Exchange Board of India, or SEBI, will scrutinise all auditor qualifications of balance sheets of listed companies and ask the management to restate numbers in case of violation of accounting rules. If, prima facie, the committee is of the view that
the qualifications are significant and the explanation given by the management or the board's audit committee is unsatisfactory, the case may be referred to ICAI - FRRB.

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