Revised audit report issued with qualified opinion for FY ending March 2026
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Punjab Communications' statutory auditor (Charanjit Singh and Associates) issued a revised independent audit report for FY ending March 2026 after incorporating comments from the CAG (Comptroller and Auditor General) under Section 143(6)(b). The auditor gave a qualified opinion citing five issues, mainly inventory not valued using FIFO method (violating Ind AS 2), no Expected Credit Loss policy for trade receivables, and non-moving inventory not written down. Two emphasis of matter items flagged: escrow account balances with VMC companies and trade receivables/payables outstanding over 3 years. The previous year FY2025 had an adverse opinion from the predecessor auditor. No changes were made to the financial statements.
Qualified opinion signals accounting and internal control weaknesses. Reduced audit assurance; investors should weigh inventory and receivable risks carefully.