18-Nov-2011

Auditing As Performance Art


Jagathi Publications, whose promoter is Jagan Mohan Reddy of YSR Congress, was valued at Rs 196 crore by a Chennai-based auditing firm Jagadeesan and Co, despite an accumulated loss of Rs 319 crore staring in one's face. 
Not happy with this valuation, Jagathi Publications sought the services of the formidable Ivy League accounting firm Deloitte Touche Tohmatsu India (P) Ltd, which first put a value of Rs 2,500 crore on the business, based on its self-generated business plans for the next five years, and later on inflated it further to a staggering Rs 3,500 crore. 
Nice job folks.

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