Price Waterhouse Chartered Accountants LLP has resigned as statutory auditor of diversified firm Atlanta Ltd for the year ended March 31, 2018.
In a notice to the stock exchanges, the company said Price Waterhouse has ceased to be the statutory auditor with immediate effect.
This move comes in the wake of Atlanta withholding “significant information”, including significant observations made by the tax authorities, from the audit firm. Also, Atlanta had not informed Price Waterhouse Chartered Accountants in a timely manner about the resignation of one of the independent directors who was also part of the Audit Committee.
For both these reasons of withholding significant information, the statutory auditor has withdrawn from the audit engagement. A formal letter has been sent by the statutory auditor to the board of Atlanta.
However, the company denied these allegations in a notice and said it had made a timely disclosure about the matters to Price Waterhouse. According to Atlanta, independent director Shankar Vishwanath had quit on account of “personal commitments”.
Atlanta’s response to Price Waterhouse and the statutory auditor’s resignation letter were disclosed to the stock exchanges on Wednesday.
The latest Price Waterhouse move comes on the heels of Deloitte walking out of statutory audit engagement with Manpasand Beverages, a listed entity, a few days back.