Deloitte quits audit work of Adani’s company

Deloitte has quit the audit of Adani Ports and Special Economic Zone (APSEZ), the port company of Adani Group. The development comes weeks after Deloitte raised concerns over certain transactions flagged in a Hindenburg Research report. Adani Ports and Special Economic Zone (APSEZ) has decided to quit Deloitte’s work and join the ‘M.S.K.A. & Associates’ as the new auditors. Deloitte was the auditor of APSEZ since 2017. It was given a term of five more years in July 2022.

APSEZ said in a statement, “In Deloitte’s recent meeting with APSEZ management and its audit committee, Deloitte indicated a wider audit role reduction as auditor of other listed Adani portfolio companies. The Audit Committee is of the opinion that the reasons given by Deloitte for withdrawing from the audit engagement are not convincing or sufficient.” In its report dated January 24 this year, Hindenburg accused the Adani group of fraud, manipulation of shares and black money.

Also talked about transactions between related parties. The Adani group had termed all the allegations as baseless. Deloitte said that the Adani group did not consider it necessary to get these allegations investigated by an independent external agency. This is because of their own assessment and the ongoing investigation by the Securities and Exchange Board of India (SEBI). The company had said in the financial statements of Adani Ports, “The group’s assessment does not provide sufficient appropriate evidence for the purposes of our audit.

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