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PricewaterhouseCoopers (PwC) has resigned as the auditor of Paytm Payment Services Limited (PPSPL). The resignation comes after PwC raised concerns about the company’s financial reporting practices.
PPSPL is the payments arm of Paytm, a leading digital payments company in India. The company has been facing scrutiny from regulators and investors over its financial reporting practices.
In a letter to PPSPL, PwC said that it was resigning as the auditor due to “certain observations” it had made during its audit of the company’s financial statements for the year ended March 31, 2023.
PwC did not disclose the specific observations it had made, but it said that they were “material in nature and affect the company’s financial statements”.
The resignation of PwC is a major blow to PPSPL. PwC is one of the Big Four accounting firms in the world and its resignation is likely to raise concerns about the company’s financial health.
PPSPL has said that it is “committed to providing accurate and transparent financial information” and that it is working with a new auditor to complete the audit of its financial statements for the year ended March 31, 2023.
The resignation of PwC is a reminder of the importance of financial reporting and auditing in the digital age. As companies increasingly rely on technology to process transactions, it is more important than ever for auditors to be able to verify the accuracy of financial information.
