Verse Innovation received a clean chit in the audit of Deloitte for FY 2024

VerSe Innovation Audit: The auditor Deloite of Verse Innovation has expressed his opinion on the company’s standalone financial statement for FY 24. Despite the control laps in FY 2024, the innovation innovation has received a clean audit chit from the deliight. Recently, after the resignation of Verse Chief Financial Officer Sandeep Basu, the company has given its opinion on the audit. Let us know that VERSE Innovation is a parent company of content aggregator DailyHhant and short-video platform Josh.

Deloite expressed concern about these deficiencies

In the audit of Deloite, serious flaws of internal control have been revealed in various operating functions of the seed. For example, there have been many shortcomings for selecting and examining the suppliers, order for purchase and approval process for invoice and the company’s payment workflow.

Deloite has also expressed concern over the methods of handling virtual assets. The auditor has also found flaws in user access management regarding customer accepting protocol, pricing control, dividing responsibilities and transfer of digital assets. Due to this, there can be disturbances in the figures of both revenue and cost related to these assets.

They were also highlighted in clean audit chit

Apart from this, concern was also expressed about how VERSE keeps his revenue account with advertisement. Deloite said that internal control of internal control that released orders from customers has also been found to be obstructed. This makes the figure related to revenue and order disturbed. The report also informed about the problems seen in Verse’s General IT control. Deloite also paid attention to the absence of proper audit logs.

Let us know that in the financial year 2024, the revenue of the innovation of the innovation was Rs 1,029 crore. The company’s net loss or net deficit has come down from Rs 1,909.7 crore to Rs 889 crore in FY 2023. During this, Ebitda loss was recorded at Rs 710 crore.

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