Auditor Resignation in vadapalani - Filingpoint

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The resignation of Deloitte as auditor of Adani Ports is yet another blot on the conglomerate's reputation, which has been shattered by a report by US short-seller Hindenburg Research. The resignation is set to affect the stock price of the company and might deter institutional investors.

This is the third change in the auditors of Adani Group companies in recent months. In May, Shah Dhandharia & Co resigned as the auditors of Adani Total Gas and was replaced by Walker Chandiok & Co LLP.

Earlier, PwC had resigned as the auditors of Fortis Healthcare Limited after identifying irregularities in its financial statements. The audit firm said it had found that the company's accounts did not comply with the provisions of the Companies Act and that some entries were not in accordance with accounting principles.

The company's auditor is a key player in the functioning of a business, and its responsibilities are very important for the organisation. He verifies the accuracy of financial records and also identifies any discrepancies that could be harmful for the business in the long run. Auditors are authorised by law to make observations about the company's financial performance and are responsible for certifying accounts, hence it is important that they are well trained and have good knowledge of the legal requirements.

If an auditor is resigning from his role, he or she has to file Form ADT-3 with the Registrar of Companies within 30 days of the date of resignation. This form should be digitally signed by the resigning auditor and attached with his resignation letter.

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