Partners say Ramadhyani only did its job on Kingfisher audit

Bangalore: When auditors B K Ramadhyani & Co put out a discouraging report about Kingfisher Airlines based on the financials of the debt-laden 2003-founded company, it sent shock waves through the aviation industry. The partners of Ramadhyani say the exercise, which concluded the UB Group subsidiary’s net worth was “completely eroded”, was part of their regular work for the 73-year-old audit firm.
“We have done our job in a holistic manner, based on the financials of the Kingfisher Airlines and statutory requirement,” says Sathyanaraya Murthy, one of Ramdhyani’s partners. This boutique audit firm, which offers the entire range of audit, taxation and management consultancy, came on board at Kingfisher Airlines after its 2007 takeover of Deccan Aviation. Ramadhyani replaced PwC, the then auditor for Deccan Aviation. Ramadhyani, located in the traditional Malleswaram area in the city’s north-west, has immense respect in audit circles. “They have a good standing in the industry,” notes a well-known management consultant.
16/09/11 Raghuvir Badrinath/Business Standard

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Categories: Kingfisher Sep 2011