Tag: whistleblower

BSR &Co., the statutory auditor of Yes Bank Ltd has asked for a fresh audit, to have a detailed investigation in the complaint filed by the whistleblower against Rana Kapoor, founder of Yes Bank. This move came when the special audit done by JLN US & Co resulted into a nonconclusive process. In September 2018 a complaint was filed by a whistleblower against Rana Kapoor, and it was alleged that there is a gross irregularity in the working of the Bank and there is a conflict of interest in misclassifying of the bad loans and founder, Rana Kapoor. After that, the Bank’s audit committee ordered to have a special audit done into the whistleblower’s complaints, but that seems to have done no good. Not only a special audit but also an internal audit was done after the complaint was received, which was done by management which Kapoor led, and the Board supervised it. After the internal inquiry, Vadodara-based JLN was hired to take over the matter and conduct an independent inquiry.

The report came in public when a Whistleblower who is working with Google and Ascension to collect data of millions of people in America. The project is known as Project Nightingale, and the aim is to make an artificial intelligence from the data collected, which will help the people for the betterment of their health care. What is Project Nightingale? It is an initiative of Google in partnership with Ascension, which is known in America as a non-profit health organisation. Currently, Ascension is having more than 150 hospitals and around 50 senior doctors working with them. The objective behind the project is to collect the data of the people in America and create artificial intelligence which will help people in a better way to take care of their health. The data that is collected includes hospital records of the patients, lab results, MRI report and all other information which is related to the health of the patient. 

Bengaluru-based IT company, Infosys has hired PricewaterhouseCoopers (PwC) which is one of the most prominent auditing firm and part of Big 4 to look after the alleged financial discrepancies and malpractices allegations made by the Whistleblowers. The company has already hired Shardul Amarchand Mangaldas (SAM), Tier-1 law firm to look after the legal side of the complaint of the Whistleblowers. Additionally, companies’ internal auditor Ernest & Young (Big 4) will also review its revenue recognition practices. The decision to take PwC on board was to have an investigation which will be independent of SAM and E&Y so that the companies has a fresh set of people who can look into the matter.