'427 cos,104 audit firms guilty of violating accounting norms'

Accounting

The government today said 427 companies and 104 audit firms have been found guilty of violating accounting principles and other financial irregularities during the last three years.

"As per the latest information available, 427 companies and 104 audit firms were found guilty of violating the accounting principles and financial irregularities," Corporate Affairs Minster Sachin Pilot said in a written reply to Rajya Sabha.

He further said that penal action for violations has been initiated against such companies and audit firms under the provisions of the Companies Act 1956.

However, the Minister did not specify the losses suffered by the exchequer due to such irregularities.

Earlier in September, the government had said a total of 316 companies and 73 audit firms were found guilty of violating accounting principles and other financial irregularities in the past three years.

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