View: Auditors need to demonstrate professional scepticism
Unfortunately, in practice, we see many management teams and audit committees rushing into the year-end reporting without due assessment of the challenges and risks involved.
Synopsis
Listed companies have until May 31 to file their audited results — although, in practice, many large companies have opted or will opt to disclose their audited results much earlier. It is time to step back and look at these timelines to avoid some fatal mistakes.
Finance teams in corporate India and their auditors, are dealing with two completely different challenges currently. On the one hand, they are dealing with personal challenges arising due to the Covid-19 second wave in many parts of the country. On the other, they are still trying to deal with year-end financial reporting and audits. Listed companies generally file their audited results between April and May. It is time to step back and look at
