iously, Crowe ATA’s name did not figure in any of UPL’s official communication to the exchanges till October 23. Also, the S&P bulletin is not available to all investors, adding to the information asymmetry in the market.
In the bulletin, S&P’s Singapore-based analysts Shawn Park and Neel Gopalakrishnan said, “A sudden change in the auditor is generally perceived negatively by market participants and could dampen investor sentiment toward UPL and its governance. However, the company has confirmed that the change in auditor is unrelated to any accounting or operational issues at UPL. Any accounting implications post the change in auditor could be a credit factor. UPL’s liquidity is sound.
“The company raised funds through a bond issue in June 2020. It, therefore, has no immediate funding needs, and has time to re-establish confidence with investors.
While not everyone seems to have fumbled with disclosures around auditor resignation like UPL, data shows that the exchanges and Sebi need to monitor disclosures more closely.
An analysis of data from Prime Infobase show that of the 33 cases of mid-term resignations reported in 2020, the top reason turned out to be “commercial”, with nine instances, followed by “preoccupation” at eight. Alignment with group companies/subsidiaries (3), disqualification (2), merger (2), conflict of interest (1), and demise (1) were among other reasons cited by auditors for their resignations.
Audit majors say the Covid-19 pandemic has messed up with cost structures, leading to high number of cases of audit firms quitting due to “commercial reasons”.
According to him, this has resulted in an increase in audit efforts and costs. While most companies appreciate this, and have agreed to increased audit fees, some companies may not be in a position to compensate the auditor due to their own business situation. “In such cases, an auditor may resign, since performing the audit at the fees offered by the company may not be commercially viable for the auditor,” he says.
KPMG network firms have resigned from four companies this year. In three, they cited commercial reasons, according to Prime Database.
This year, only in three cases auditors expressly cited “non-cooperation of the management” as the reason for their resignations.
The list includes Digjam, whose auditor, Deloitte, resigned in March. The company had gone into insolvency resolution and the management was unable to share appropriate audit evidence to ascertain realisable values of assets and inventories, the auditors had informed in a detailed letter.
In August, GVK Power and Infrastructure and its subsidiary GVK Airports reported that Price Waterhouse Chartered Accountants LLP, which was the auditor, resigned. Though the auditor did not provide details in a Sebi-prescribed format, it said in its resignation that it had sent several letters to the company in July-August, seeking information relating to the audit, which were not addressed.
The CBI had registered a case against MIAL for alleged irregularities, including siphoning of funds. The Adani group has since taken over.
Kama Holdings was the third case where lack of information from the company was expressly reported. “The time gap between the receipt of the company’s material subsidiary’s audited financial statements/reviewed financial results and the company’s audit committee meetings is very meagre, resulting in insufficient time available for audit of the consolidated financial statements/review the consolidated financial results,” audit firm Luthra and Luthra said in a letter dated August 10.
Curiously, August saw the highest number of resignations in 2020 at 16, accounting for nearly half of the cases this year so far. Even within this, the first half of August saw 15 auditors bidding adieu. The 45-day criterion prescribed by Sebi — which could mean additional compliance burden if the resignations happened after August 15 — could be behind the rush.
“If the auditor resigns after 45 days from the end of a quarter of a financial year, then the auditor shall, before such resignation, issue the limited review/ audit report for such quarter as well as the next quarter,” the Sebi circular had said.
In 2019, too, a record number of resignations (16) came in August, followed by September (12). This year’s the September tally is slightly lower, at 7.
Irrespective of the reasons the auditors might give, the bunching of resignations just ahead of finalising annual accounts tell their own story.
“Lot of things are situational also. It is possible that the company was good for the past few years and due to the economic downturn, it has started behaving differently. Then you might take a call to leave, but considering past relationship, you might give a different reason to leave,” Ravi says.
package net.sansa_stack.query.spark.ontop

object BlankNodeStrategy extends Enumeration {
  val Table, Column = Value
}A new Spline mode was added to the Distribute Matrices node. This option lets you distribute matrices along a spline. The matrices are oriented such that its local axis align with the tangent and normal to the spline.
A height input and interpolation inputs controlling the rate of change of the radius and the height were added to the Spiral mode of the node.
A center and an axis options were added to the Linear mode to center the distributed matrices and align them on the chosen axis.
A plane axis option was added to the Circle mode to define the plane at which the circle will lie.
A new Hexagonal Grid mode was added.
It is now possible to search for the node using the name of its modes. For instance, searching for Spiral will add a node with its mode set to spiral.
The Transform Matrix node was vectorized.
The Extract Matrix Basis node was added.
The Mix Matrices node was vectorized.. This is new for my environment.
If properly designed, the VM start time would add 0 seconds to a user’s logon time. We want our VMs ready before the user requests it.
If we look at the power management settings I have for this delivery group, we see that on weekdays, I have VMs powering on in the late afternoon, which is the time when my users (kids) get from school.
And on weekends, they I have VMs powered on and ready for the entire day.
Typically, high VM start times would be related to improperly setting the power management settings for my users, but that wasn’t the case in this instance.
If we think about what happens during a VM start, we have the following:
- Virtual Apps and Desktops controller tells hypervisor to start VM
- VM powers-on impacting hypervisor resources (CPU, RAM and storage)
- VM registers with delivery controller and domain controller services
Looking at this process, I could see that
- My VMs were starting. So the delivery controller was using my power management settings
- The VM powered on and was booting, so I had resources.
- The VM was not registering with my delivery controller.
When the user selected a virtual desktop, the delivery controller started a new virtual machine, which happened to be on a different hypervisor. As all VMs use the same image, my issue was with the hypervisor being overcommitted. The virtual desktop wasn’t getting enough resources to fully start and fully register with the delivery controller.
It’s interesting that the long logon time wasn’t because of the VM in question; it was because of another VM that was misbehaving. But the VM start time in Director got me looking in the right direction… Why was my VM not ready to go?
Daniel (Follow on Twitter @djfeller)
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