According to the detailed financial records cheap clothes in India, B&K's audit of Ebix's $38 million Indian business last year only set the company back about $9,000—much less than the two units spent on holiday gifts for the Diwali "festival of lights." Barron's asked Raina how U.S. auditor Cherry, Bekaert & Holland supervises the Indian audit. In the past year, the accounting regulators at the PCAOB have expressed great concern about the ability of small U.S.-based auditors to properly audit businesses in distant parts of the world (the PCAOB identified no specific firms, in its warning). "All auditors test the work of overseas auditors," he reassured us by e-mail.
Friday morning, an Ebix press release told investors that its cash levels had grown in the June quarter (without mentioning the contribution from its new bank credit line). It also announced wholesale designer clothing to centralize software development in Singapore, not India, and therefore warned that it tax rate would rise to between 16% and 20% by 2013.
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