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Discussion < ICWAI < Cost Audit
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students zone,CA Students
Belal Ahmed Ayyubi

[ Scorecard :131 ]

Why are the sister concerns of ICWAI acting against the interest of them. Is professional jealousy so strong or its some other reason as competition and job security?

Vigneshwaran R

[ Scorecard :2972 ]

Through sister concerns!! You mean???

Belal Ahmed Ayyubi

[ Scorecard :131 ]

Ca institute

Belal Ahmed Ayyubi

[ Scorecard :131 ]

According to Subodh Kumar Agrawal, president of Institute of Chartered Accountants of India , "...it (the cost

audit order of Nov 2012) also increases the burden on the part of companies in covering and conducting cost

of audit of so many activities." He further added that many companies are not comfortable with sharing the

cost information through cost audit report to a third party due to fear of data theft. 

This was the comment by CA president. See the extent of jealousy. They can't see CMA growing. Without cost audit there will be monopoly and inflation. What about consumerism and sustainable development.

He is involved in two scams himself. Unethical cheater.

Belal Ahmed Ayyubi

[ Scorecard :131 ]

Subodh Kumar Agrawal is the President of the Institute of Chartered Accountants of India.He is also serves on the board of Guj Nre Coke .

Now, the auditors of the Australian Subsidiary (Guj Nre Coking Coal Ltd)  is Grant Thornton.Unlike Indian auditors( see here & here), they seem to have integrity.They refused to give an opinion on the accounts for the year, citing doubts over company’s ability to survive as a ‘going concern’, and inadequate information about its ability to repay debts.

The Australian unit has reported a loss of A$112 million and faces a working capital deficit. It has breached loan covenants, owes money to creditors and has not provided any evidence to indicate that it has the ability to raise money to replace existing debts, the auditor says.

The firm owes about A$27.8 million to its ultimate parent and there are doubts whether that money can be recovered. There are similar issues over contingent liabilities, the audit firm has said. Gujarat NRE Coking Coal has to pay A$487.8 million of debts within the year.-fromET


Now what is shocking is that the true state of affairs of the Australian Subsidiary were hidden from Indian shareholders.The consolidated statements year-ended March 2013 have been prepared only on the basis of unaudited accounts of the subsidiary, which actually accounts for 63% of assets of the Kolkata-based NRE Coke.

Now as per regulatory filings made by Guj Nre Coke to Indian Stock Exchanges,

The Consolidated Audited Financial Statement of the Company for the financial year 2012-13 were reviewed by the Audit Committee at its adjourned meeting held on 30th May’2013 and the same were adopted by 
the Board of Directors at its adjourned meeting held on the same date.The above Audited Consolidated Financial Statements has been prepared based on the available Management Approved Financial 
Statements of all the Australian Subsidiary Companies including Gujarat NRE Coking Coal Ltd., which has also filed the same results to the Australian Securities Exchange (ASX).

Now, Indian shareholders can be forgiven for thinking that even the overseas subsidiary accounts were audited.Notice the clever wording “Management Approved Financial Statements of Australian Subsidiary Companies”

So which genius headed the Audit Committee which did this masterful coverup?Well, none other than the much respected and much loved ICAI President Subodh Kumar Agrawal !

So, repeat after me, dear readers,”Investors in Indian Equities believe the audited accounts at their own peril “!

Belal Ahmed Ayyubi

[ Scorecard :131 ]


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