Sunday, September 9, 2012

NEWS | Kingfisher auditors suggest stronger internal audit system

The auditors of debt-ridden Kingfisher Airlines have said the air carrier needs to strengthen its internal audit systems and have raised concerns over numerous issues including delayed or no-payment of dues.

Making some serious observations about the books of accounts of Kingfisher, the auditors in their report for 2011-12 have said the company has prepared its financial statements on a 'going concern' basis, despite its net worth having been completely eroded.
"The appropriateness of the said basis is inter-alia dependent on the company's ability to infuse requisite funds for meeting its obligations, rescheduling of debt and resuming normal operations," said the auditors' report, which form part of Kingfisher Airlines' Annual Report 2011-12, being sent to shareholders ahead of their AGM on September 26.
Kingfisher's net loss more than doubled to Rs 2,328 crore in 2011-12, from Rs 1,027 crore in the previous year.


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