Below is a link to a letter dated June 07, 2016 sent to Christina Carroll, Division of Enforcement and Investigations at the Public Company Accounting Oversight Board (“PCAOB”), in relation to Grant Thornton India LLP’s “divided responsibility” audit of Eros International Plc (NYSE: EROS).
The PCAOB is cognisant of the inherent risks created by divisions of audit responsibility and the related implications for public market investors in the most general of cases where no public controversy exists over any alleged material overstatement of assets, understatement of expense, and a resulting overestimate of earnings. It is for this reason that we are bringing this matter to their attention.
Click Here to review this letter.
This letter should be viewed in conjunction with the Letter sent to Grant Thornton by asensio.com.