SEBI to introduce second auditor review

Taken to surprise by the revelations by Satyam Computers Ramalinga Raju, stock market regulator SEBI (Securities & Exchange Board of India) on has announced that the financial statements of all the companies included in the Sensex and Nifty will be reviewed by another auditor after they are audited by their respective statutory auditors.

The review would be in relation to the last quarterly results and last audited annual financial results. There will also be some listed companies which are not included in nifty and sensex which will be selected on a random basis will also come under this scrutiny.

Sebi will have a panel of auditors to take up this exercise . The first of such exercise will be taken up after the publication of October-December quarterly results and is likely to be completed by end-February .

This decision was taken in a meeting of the Sebi Committee on Disclosures and Accounting (SCODA).

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