Deloitte has expressed concerns regarding the approval process for vendors and excessive payments at BharatPe, pti reported. The company's former Managing Director and co-founder, Ashneer Grover, has been accused of engaging in fraudulent activities and embezzlement.
The company's internal control system for vendor selection and invoice approval in the procurement of goods and services was deemed ineffective by the statutory auditor in BharatPe's latest annual report .
This led to procurements being made at prices that were not appropriately approved. While the report dedicated a section to the statutory auditors' findings, BharatPe's annual report stated that no instances of fraud were reported by the auditors to the board of directors, as per pti report.
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