Deloitte, which was promise me The port auditor for the past six years resigned from his position on Saturday amid concerns about certain transactions the company entered into, including one with an EPC contractor mentioned in the Hindenburg report.
While Deloitte said Adani Ports told the auditing firm that the three transactions it identified were not related party transactions, the company refused to perform an independent external examination to allay its concerns and, therefore, could not confirm whether they were unrelated. Transactions with related parties. As a result, Deloitte has issued a “qualified opinion” on Adani Ports’ results for fiscal year ’23. A qualified opinion means an unclean audit report.
Deloitte said in its resignation letter that, since it was not the legal auditor for a large number of other Adani group companies, it cannot audit transactions that occur between these companies and any party that has a business relationship with Adani Ports, and so it has done so. She decides to quit her role.
Adani Ports said that the reasons given by Deloitte for the resignation were “not compelling” or sufficient to justify such a move. Deloitte’s resignation prompts new scrutiny of the Adani Group’s accounting practices.
The conglomerate has replaced Deloitte as auditor for its UK subsidiaries including Adani Energy Holdings, with Crowe, according to a Financial Times report on February 3.
Hindenburg accused the group of using unethical business practices to inflate profits and reduce debt. The group denied the allegations.
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