MCA asked ROC to review accounts of 5 companies

The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries, CNBC-TV18 reports quoting government sources.

The MCA order is on the basis of an Institute of Chartered Accountants of India (ICAI) reference in November 2009, it is learnt, and that RoCs of Mumbai, Ahmedabad and Gwalior have been asked to submit a report.

The ICAI President, sources said, told the MCA that a Financial Reporting Review Board (FRRB) review hints at a possible mismatch in the financial reporting of these companies.

Related posts:

1. SEBI not yet issued notification on peer review of statutory auditors of listed companies
2. ICAI asked government to mandate all companies to file their financial statements in XBRL format
3. Listed companies would be audited only by the Peer Review Board certified Auditors
4. ICAI to form Review Reporting Board to inspect audit reports
5. ICAI seek more power for auditors to chase the source of funds declared by companies while auditing accounts