‘Not allowed to do the jobs’, PwC quits as Anil Ambani’s Reliance Capital auditor

Anil Ambani; reliance

New Delhi | PriceWaterhouseCoopers, one of the top accounting firms has resigned as the auditors for Anil Ambani’s Reliance Capitals and Reliance Home Finance with effect on June 11 citing that the firm was not allowed to do its jobs as statutory auditors.

As reported in Business Insider, the letter by PwC which was part of the BSE filing by Reliance Capital, the firm said that the company prevented the firm to exercising independent judgment in making reports to the members of the company.

The letter stated that the Company impaired its independence hence it is no longer in position to complete the audit and instead feels its compelled to withdraw from the audit engagement and resign. The firm added that it noticed some observation and transaction which not if resolved might be significant to the financial statement.

Responding to the letter, Reliance Capital said that the company does not agree with the PwC reasons for resignation. It further added that the company has convened a meeting of its audit committee on June 12 to respond to this letter.


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