A naukri.com initiative
Inc42
4w
58
Image Credit: Inc42
OnePlus India Audit Flags Compliance & Operational Issues
- OnePlus Technology India faces audit scrutiny over compliance and operational issues like use of foreign-hosted accounting software and program codes in a foreign language.
- The company is updating its IT systems to address the concerns and plans to ensure audit trail functionality by 2024-25.
- Steps have been taken to make outstanding provident fund contributions for the year 23-24.
- Auditor's report highlighted the risk of potential action from Enforcement Directorate and Income Tax Department.
- OnePlus's accounting software is hosted on servers in China, hindering audit procedures due to foreign language program codes and lack of certifications.
- Shah & Jain Chartered Accountants and Grant Thornton Bharat LLP serve as auditors for OnePlus India.
- Parent company OPPO had faced ED scrutiny in 2021; Chinese firms in India reportedly fined INR 1,000 Cr for infractions.
- Regulatory pressure on Chinese smartphone companies in India has increased since 2020 border tensions.
- Xiaomi stated that suppliers were hesitant to invest in India due to heightened scrutiny.
- OnePlus Technology India posted operating revenue of INR 15,217 Cr and net profit of INR 230 Cr for FY24, with business structure changes in June 2023.
Read Full Article
2 Likes
For uninterrupted reading, download the app