ACCOUNTANCY: Under-reporting of revenue?

from BUSINESS LINE, October 29, 2009 Stanza 587 of the Tirukkural, translated into English would read: "A spy must search each hidden matter out, and full report must render, free from doubt." The special auditor who has reported under- reporting of revenue by Reliance Communications (RCom) must be feeling that he has carried out his duties in letter and spirit as mandated by the Kural though it would be unfair to term him a spy. The report has generated its share of curiosity and debate, but leaves a lot of questions unanswered.

Under-reporting The special auditors noted that the company under-reported its wireless revenues of Rs 2,799.19 crore to the Telecom Regulatory …