Adani Enterprises' signing auditor of 2018 had qualified CA in 2017.
The Morning Context's story has revealed many other startling facts. Read on:
1️⃣ Current auditor who started signing Adani Enterprises (AEL)'s financials qualified CA in 2017.
Auditors of high corporate governance standards companies having similar market cap have the following experience:
👉🏻 ITC - 33 years
👉🏻 HDFC - 29 years
👉🏻 Bajaj Finance - 28 years
2️⃣ Dharmesh Parikh & Co used to sign financials of AEL until 2017
They had to retire for FY18 due to rotation.
The new auditors Shah Dhandharia & Co. were appointed.
They have 3 partners who did their articleship at Dharmesh Parikh & Co. (previous auditors)
This shows that the rotation policy might not have been followed in essence
3️⃣ The name partner at Shah Dhandharia & Co. used to work at Dharmesh Parikh & Co.
Based on the revelations of an employee's LinkedIn profile.
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What is your take on this issue?
Personal Opinion: There is no law that is being broken here.
But AEL's spokespersons must clarify around the appointment of the auditors (who seem to be working too closely) to its shareholders.
All the best. God bless you
❤️ Neeraj Arora
और हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀
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