Can anybody elaborate/point-me-towards what SEBI or Indian accounting standards say about the need to get domestic/foreign subsidiaries of Indian companies audited? I see many companies reporting numbers without getting their subsidiaries audited, even when they are material subsidiaries.
So I take it that the laws don’t mandate this? But from a corporate governance point of view, how does the market view this practice of not getting material subsidiaries audited? To my mind it seems like a big deal but I have never heard too much noise about this in forensic audit or corporate governance discussions.
Would be grateful for answers around this.
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