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[Music] hello and welcome to Money life this is suchita dilal today we are talking about an accounting or audit issue its about how KPMG India has entered into a million dollar settlement with the U.S auditing regulator and theres not a peak or a ripple or a noise in India from either Regulators not even the media because its hardly any coverage I found one news item and yet this is an issue that should affect all of us anyone whos a long-term investor who who invests on the basis of what is signed off by a statutory auditor wants to know what it is about so let me start with telling you the story on 6th December KPMG India settled the proceeding before the public Company accounting oversight Board pcaob of the US and what did this say it pertained to KPMG India or rather KPMG Assurance Consulting Services LLP and its engagement partner Sagar P lakhani where they admitted or were saying short about quality control failures supervisory failures documentation failures while working