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Bangalore, Jan. 17 In a bid to further strengthen its corporate governance and infuse more transparency into accounting practices, GMR Infrastructure Ltd has decided to appoint two joint auditors instead of the current practice of entrusting the task of financial analysis to one statutory auditor for the company and its subsidiaries.

Price Waterhouse is the statutory auditor for GMR Infrastructure. (Price Waterhouse, which was the statutory auditor for Satyam Computer Services Ltd, is in the dock after Mr B. Ramalinga Raju admitted to falsifying Satyam’s accounts and quit as its Chairman.)

In a new set of frameworks adopted at a recent board meeting, the company also envisages appointing the auditors on rotation , the company said to the Bombay Stock Exchange.

“To appropriately utilise the services of reputed audit firms for specific assignments of audit as may be decided by the board from time to time on the recommendation of the Audit Committee,” the company said in its intimation to BSE.

According to Mr A. Subba Rao, CFO of GMR Group, the new framework would be placed before the shareholders at an EGM or AGM soon. He said the company had no immediate plans to replace Price Waterhouse in the wake of the controversy surrounding their opinion on the accounts of the beleaguered Satyam Computer Services, whose former Chairman, Mr B. Ramalinga Raju, had confessed to manipulating accounts.

The joint auditors would divide the task of auditing, depending on the size of the company, geography-wise and the accounting components before making a final analysis jointly. This is on the pattern followed by the public sector enterprises, particularly banks, which adopt the system between the internal auditors and statutory auditors.

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