Price Waterhouse Chartered Accountants (PwC India) has resigned as the auditor of Paytm Payments Services, the fintech major said in a regulatory filing on Monday. "...we wish to inform you that M/s. Price Waterhouse Chartered Accountants LLP ... statutory auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 7, 2023," the company added. Paytm said that the statutory auditors had not raised any concerns or issues and that the company had noted PwC's resignation.
On a full year basis, the airline made a loss of Rs 934.8 crore. The company has incurred a net loss during the current and previous year and, the its current liabilities exceeded its current assets
On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
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Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
The company reports profit of Rs 4500 crore in FY14, up from Rs 446 crore in FY10
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.