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Price Waterhouse quits as auditor of Eveready over inter-company deposits

Auditor and Eveready disagreed on the recoverability of inter-corporate deposits given to group companies.

ICDS, Accounting
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Sources said the difference of opinion was on recoverability of inter-corporate deposits given to group firms and corporate guarantees given on behalf of group entities

Avishek RakshitIshita Ayan Dutt Kolkata
Price Waterhouse & Co Chartered Accountants LLP has quit as Eveready Industries’ auditor, saying it has been unable to obtain sufficient audit evidence of inter-company deposits and its recovery. In its place, Singhi & Co Chartered Accountants has been appointed.

“Price Waterhouse & Co has expressed its inability to continue as the auditors of the company,” said Eveready in a notice to the bourses.

While approving the company’s annual financial report, Price Waterhouse & Co had said the holding company had given advances to the tune of Rs 62 crore to a company to get the leasehold rights of a

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First Published: Jun 29 2019 | 7:48 PM IST

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