Raj Rayon Industries Limited - Reply to Clarification Sought

25 Aug 2022 , 12:00 AM

The Exchange had sought clarification from Raj Rayon Industries Limited with respect to announcement dated 12-08-2022 regarding Resignation of Statutory Auditor.On the basis of aforesaid disclosure, the Listed entity was required to clarify the following:Auditor Resignation1. In case the information requested by the auditor was not provided, then following shall be disclosedA) Whether the inability to obtain sufficient appropriate audit evidence was due to a management-imposed limitation or circumstances beyond the control of the managementB) Whether the lack of information would have significant impact on the financial statements/results.C) Whether the auditor has performed alternative procedures to obtain appropriate evidence for the purposes of audit/limited review as laid down in SA 705 (Revised)D) Whether the lack of information was prevalent in the previous reported financial statements/results. If yes, on what basis the previous audit/limited review reports were issued.2. Detailed reason for resignation3. In case of any concerns, efforts made by the auditor prior to resignation ((including approaching the Audit Committee/Board of Directors along with the date of communication made to the Audit Committee/Board of Directors)4. Other facts relevant to the resignation, if any.5. Name of the listed entity/ material subsidiary6. Details of the statutory auditor7. Details of association with the listed entity/ material subsidiary.The response of the company is attached.