😕😕12 Points To Quickly Check the Quality of Accounts

R Balakrishnan
11 June 2018 Source:

Of late, several auditors have refused to sign accounts or companies have been unable to declare results on time. For the first time in India, the audit profession is facing the heat of the regulators. This has long been overdue. Which brings us to the debate about the extent to which we can rely on the declared numbers and whether there is a way to figure out what is good and what is bad.

Investment decisions are based on ‘audited’ accounts provided by companies. The auditor is effectively engaged by the promoter because he dominates the voting. Every promoter wants a ‘reasonable’ auditor, while every investor wants a ‘policeman’ auditor. And auditors were never legally culpable. The Securities and Exchange Board of India (SEBI) has changed that. Kudos to them!

Many companies are switching auditors. There may be many publicly disclosed reasons, but I suspect the truth is that the existing auditors are not happy with the numbers that the p…

software that can scrutinise 40 million pages an hour.

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