In September 2021, the Securities and Exchange Board of India (SEBI) ordered a forensic audit of the financial statements of Brightcom Group Ltd. The Hyderabad-based company disclosed the information in a regulatory statement on February 28. Brightcom’s book auditor was hired by market regulator Deloitte Touche Tohmatsu India LLP. Financial statements for the period FY2014-15 to FY2019-20 would be audited, according to Sebi’s letter.
“The scope of the audit is to perform a forensic audit of the company’s consolidated financial statements for the above period with particular emphasis on the impairment of assets,” he added. Forensic auditors are expected to verify, among other things, the following: “manipulation of the accounting records of the company and its subsidiaries, “misrepresentation, including consolidated financial statements and/or business transactions and “wrongful misappropriation/siphoning of company funds by promoters/directors key managerial persons,” the order added.
“The Stock Exchange has received a letter dated September 16, 2021, from SEBI, addressed to Brightcom Group Ltd, informing the company of the appointment of a forensic auditor, Deloitte Touche Tohmatsu India LLP, to carry out the forensic audit for fiscal years FY15 to FY20. The same is broadcast for investor information,” Brightcom informed the exchanges. The copy of SEBI’s order, which was shared in the regulatory filing, notes that the regulator found deviations that “may be detrimental to the interests of investors and securities markets.”
Summary of news:
- In September 2021, the Securities and Exchange Commission (Sebi) ordered a forensic examination of Brightcom’s financial accounts, according to the company.
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