INSUBCONTINENT EXCLUSIVE:
Mumbai: Price Waterhouse (PW), a network firm of PwC India has quit as auditor to BSE-listed construction and infrastructure company Atlanta
Limited after it apparently refused to share details of an ongoing income tax investigation and the resignation of an independent
like to bring to your attention that significant information including certain significant observations made by the tax authorities
Monday.
This is the second case of big auditor resigning from a company due to insufficient information about financial accounts
Deloitte Haskins Sells quit as auditor to Manpasand Beverages on Sunday.
The letter said Atlanta also did not inform the auditor about
information and explanations, and considering the nature of the observation laid by tax authorities, the fundamental objective of an audit
which is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to report all the financial statements, in our assessment, cannot be achieved, both in reference to observation and
regarding assessment for the past six assessment years viz
AY11-12 to AY 16-17 and Order under Section 143 for AY17-18.It is pertinent to state that our vice president-accounts vide emails dated
30.3.2018 at 7.37pm and 12.5.2018 at 8.01pm, had informed Mr
approval of audited results of the company could not be held on that day for want of quorum.
In a letter attached with this regulatory
filing, the company stated that its independent director Shankar Vishwanath had resigned from the board and other committees citing his
Atlanta also said that other independent director Jaya Balachandran had also conveyed her inability to attend the meetings as she is
currently out of country.
