Infotech to rotate auditors periodically

[sajiv]

Infotech to rotate auditors periodically

HYDERABAD: Infotech Enterprises, a geospatial and engineering solutions and services company, has decided to rotate auditors once in every three to five years.

The company is planning to hire the services of accounting firms that ranked among the top four forthwith.

To begin with, Infotech has ended its eight-year association with Price Waterhouse which was replaced with Deloitte Haskins & Sells for the current financial year.

It has changed internal and risk auditors entrusting Bhaskara Rao and Co and KPMG respectively with the tasks.

Infotech Chairman and Managing Director B. V. R. Mohan Reddy told reporters here on the sidelines of the company's annual general meeting that the company was hoping to increase its share in the domestic market from three per cent to five per cent with emphasis on design opportunities in the domestic automobile sector. It had no plans to buy back shares as it felt that it was not proper to use the cash surpluses accrued after raising Rs. 360 crore with an eye on acquisitions. Infotech's Visakhapatnam facility, with a capacity of 500, would be operational soon.

Source:hindu