Pramuka Employees picketing in front of the audit firm, KPMG Ford Rhodes and Thornton, alleged that the audit firm had failed to detect massive accounting frauds at the bank.
ldblquote The Audited accounts pertaining to Pramuka Bank had not portrayed a true and fair view of its state of affaires,
dblquote Pramuka Employees Association President Sunimal Dabrera said.rn
rnEmployees were particularly irked that the KPMG had not declared the unapproved provident fund to be illegal.rn
rnFord Rhodes Partner Riyaz Mihular says they had qualified their audit report in respect of the provident funds and highlighted the fact that it was not approved.rn
rnResponding to queries on why the issue was not highlighted earlier, auditors say several issues about which they had concerns were raised in the management letter sent after each audit, qualifications resulted in the following year, when no positive action was taken in subsequent years.rn
rnEmployees also charge that SLAS 23, which relates to income rec