OnePlus India audit flags glitches, PF payment lags
The auditor of Chinese smartphone maker
OnePlus Technology India
has flagged irregularities such as hosting accounting software on servers outside India, using software with programme codes in a foreign language, which made it difficult for the auditor to test the codes, and delays on the part of the company in making contributions to the employees' provident fund.
The smartphone maker said it is in the process of addressing the issues. In its latest filing with the Registrar of Companies on May 27,
OnePlus Technology
India appended the auditor's report, which also raised concerns over actions against the company from the Enforcement Directorate (ED) and the Income Tax Department.
While Shah & Jain Chartered Accountants is the company's statutory auditor, Grant Thornton Bharat LLP is its internal auditor. The filing did not specify whether one or both of the auditors flagged the issues. "Accounting software used by the company for preparation and maintenance of its books of account, has been hosted on physical servers located outside of India. Further, the program codes were maintained in a foreign language which posed significant limitations in the ability to test such codes and further due to absence of Service Organisation Control Type 2 (SOC 2)/SAE 3402, 'Assurance Reports on Controls at a Service Organization' the auditors were unable to comment on the audit trail feature of the accounting software," the filing said.
It said the company, the Indian subsidiary of OnePlus Technology (Shenzhen) Co Ltd, had been maintaining its accounting data on computer servers with Guangdong OPPO Mobile Telecommunications Corp in China's Dongguan city. The auditor also said that the company had delayed its contributions to the employees' provident fund for 2023-24 and that there were "certain pending assessment dues with respect to CIT (corporate income tax) Appeals for the assessment year (20)21-22".
OnePlus Technology India said in the regulatory filing that it was in the process of updating its IT systems. "The management will also test the new system to confirm that the audit trail has been enabled and make available such a report to the auditor along with the necessary access to independently test the same during the financial year 2024-25," it said.
It further said it "has taken the steps for making the outstanding payment of contribution in the employee provident fund for the year 23-24" and deposited an amount against the disputed corporate income tax dues.
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ET's queries to OnePlus Technology India remained unanswered till press time. Auditors have been repeatedly flagging concerns over the operations and accounting of Chinese smartphone makers in India.
Auditors of
Oppo India
and
Realme India
had flagged multiple concerns regarding their bookkeeping, processes and incomplete records, as per their filings with the Registrar of Companies last month.
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