From Published Accounts

COMPILER’S NOTE:

Given below is the Auditor’s Report (report) on the consolidated financial statements of a leading global telephone operator headquartered in UK and operating in several countries, including India – it operates in India as Vodafone Idea Limited (or VI) and is in the news for state ownership on conversion of government telecom dues into Equity and also for sizable further liabilities payable to the government.

The report on the group’s consolidated financial statements is very informative and includes many disclosures not so far applicable in India. Some of these are:

• Mention of non-audit services provided by the auditor and how the same did not affect independence;
• Period for which the firm is acting as auditors;
• Audit process and methodology including reporting to the audit and Risk Committee;
• Addressing concerns regarding ‘Going Concern’;
• Key risks and how addressed;
• Impact of Climate change;
• Involvement with Component Teams (as per ISA 600) – there is no ‘Other Matters’ paragraph which is the norm for reports by auditors in India on Consolidated Financial statements

The report is very relevant to get a glimpse of how the auditing professionals will have to