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Eros’ audit committee satisfied with firm’s financial reporting and disclosures
MUMBAI: Eros International’s audit committee, which completed an internal review, said it is satisfied with the company’s financial reporting and disclosures.
The review included analysis of the company’s financial reporting for the following areas:
- (i) UAE sales and revenue recognition
- (ii) amortization policy of intangibles, including film and content costs
- (iii) related party transactions
- (iv) ErosNow registered users count
- (v) Eros’ film library.
With the assistance of Skadden Arps Slate Meagher & Flom LLP, Eros’ audit committee has completed the internal review which it commenced in November 2015.
Having completed its review, the audit committee remains satisfied with the company’s financial reporting and disclosures in its financial statements as filed.
Eros International CEO Jyoti Deshpande said, “We are pleased the audit committee, with the assistance of Skadden Arps Slate Meagher & Flom LLP, has completed its thorough internal review, and reinforced its confidence in the company’s accounting policies, practices and disclosures in the company’s financial statements and other key metrics. We reiterate that the company maintains the highest standards of integrity and transparency in financial reporting. I am positive that our strong business fundamentals will continue to help us build on our market leadership position in the Indian filmed entertainment sector and capitalize on opportunities to create long term shareholder value”.
The company expects to announce its full year results for the fiscal year ended 31 March 2016 in June 2016. Grant Thornton India LLP will continue as auditors of the consolidated financial statements of Eros International Plc and subsidiaries.