Mumbai, April 30: VerSe Innovation, parent company of Dailyhunt and Josh, has received a clean or “true and fair” audit opinion on the company’s standalone financials for FY24 from its statutory auditor Deloitte. The audit comes in the wake of Sandip Basu’s resignation as VerSe’s Chief Financial Officer and follows recent filings with the Ministry of Corporate Affairs. Deloitte Launches Global AI Simulation Centre of Excellence in Bengaluru as Part of USD 3 Billion Investment in Gen AI, To Help Grow Economy and Create Jobs.
In its report, Deloitte flagged weaknesses in VerSe’s internal control systems that could pose risks of material misstatements in the company’s financial records. These lapses span vendor vetting, purchase approvals, payment workflows, and revenue recognition processes. Notably, the audit highlighted issues in supplier selection, invoice approvals, and potential vulnerabilities in payment processes, which could result in unjustified expenses or misuse of company funds. Stocks To Buy or Sell Today, April 30, 2025: Bajaj Finance, BPCL and Praj Industries Among Shares That May Remain in Focus on Wednesday.
The auditor also expressed concern over VerSe’s handling of digital assets, including deficiencies in customer onboarding, pricing mechanisms, access control, and segregation of duties. Such weaknesses could impact revenue and cost accuracy related to these assets. Furthermore, inconsistencies in the advertising revenue cycle, particularly in the release order process, raise red flags around potential revenue overstatements and inflated receivables.
(The above story first appeared on Today News 24 on Apr 30, 2025 02:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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