91-98200 88394

intellex@intellexconsulting.com

New platform to help auditors, banks verify key company information online.

...
New platform to help auditors, banks verify key company information online.

Date : 27-08-2024

Posted By : Intellex Strategic Consulting Private Limited


New platform to help auditors, banks verify key company information online.

From next month, Companies will be encouraged to allow Banks and Auditors to upload information on funds and borrowings to a new online platform by the National e-Governance Services. 

This change is poised to reduce risks of number tampering and increase audit accuracy, while keeping data confidential. Ever since Satyam Scam  exposed how a company could brazenly fabricate liabilities and cash balances, Auditors have been writing to banks to cross-check the key numbers of corporates they vet.

The new platform that is being set up by the National e-Governance Services (NeSL), the information utility (IU) registered with the Insolvency and Bankruptcy Board of India (IBBI).

With this, an Auditor can compare the set of information (like balances in various currents and loan outstandings of different lenders) shared by the auditee with the information provided by banks. 

 

Sudheendra Kumar ( Mobile /WhatsApp: 91-9820088394)

https://www.linkedin.com/company/intellexcfo-com/

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