House of Pearl Fashions Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
1. The Company has not applied the Revised Accounting Standard - 15 on Employees Benefits issued by The Institute of Chartered Accountants of India (ICAI). The Company proposed to apply the same at the financial year-end.
2. The Auditors have not reviewed financial statements of foreign subsidiaries reviewed by the other auditors for the purpose of limited review. Also for the purpose of Segmental reporting, the Auditors have relied upon the information complied by the management based on the reviewed financial statements by the other auditors.
1. The Company has not applied the Revised Accounting Standard - 15 on Employees Benefits issued by The Institute of Chartered Accountants of India (ICAI). The Company proposed to apply the same at the financial year-end.
2. The Auditors have not reviewed financial statements of foreign subsidiaries reviewed by the other auditors for the purpose of limited review. Also for the purpose of Segmental reporting, the Auditors have relied upon the information complied by the management based on the reviewed financial statements by the other auditors.
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