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Rediff.com  » Business » RCom: Govt seeks weekly audit

RCom: Govt seeks weekly audit

July 23, 2009 19:35 IST
A special audit of Anil Ambani group firm Reliance Communications will be delayed, as the auditor Parakh & Co. has sought an extension for three months from mid-July.

The government has, however, asked the auditor for progress report before deciding on giving the extension and in case more time was given, the auditors would have to furnish a weekly report, sources said.

The auditors have blamed RCom the delay so far, saying the company had delayed submitting financial records and the actual audit could commence only on May 12, 2009.

Parakh & Co. was engaged to carry out independent verification of accounts of RCom and other telecom concerns for the years 2006-07 and 2007-08 to ascertain whether the company had reported its revenues correctly for the purpose of licence fee to be paid to the government.

"...Before taking any decision on extension of time for Special Audit of RCom, Parakh & Co. may be requested to provide details of audit conducted so far. They may also be requested to submit the weekly report on the progress of the audit," a DoT official said.

The auditors had earlier also informed the DoT in April this year that RCom has not complied properly with various issues concerning special audit.

Last month, DoT had asked the auditors to explain the reasons for delay in submission of audit report even after completion of the stipulated three months.

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