VADODARA, India, Sept. 22, 2017 /PRNewswire/ -- Bharat Parikh & Associates (the "Firm") today responded to Key Tronic Corporation's (NASDAQ: KTCC) allegations contained in the news release dated September 15, 2017 and titled, "Key Tronic Corporation Comments on Cemtrex Release," regarding the Firm and its audit of the financials of Cemtrex Inc. (NASDAQ: CETX).
The Firm responds to Key Tronic's maligning allegations as follows:
Key Tronic's skepticism of the accuracy of Cemtrex's reported financial information is self-serving in nature and baseless. Key Tronic Corporation needs to consider the global business environment before making allegations about our internationally reputed firm. The Firm is recognized, registered and in good standing with PCAOB as a "Non-US" Public Accounting firm. The Firm, just like any other PCAOB registered firm, follows the same standards, rules and guidelines as issued by the PCAOB and SEC to perform any public company audits in USA whether a smaller reporting company or a large filer.
The firm since its inception 3 decades ago has performed multiple US GAAP and IFRS Audits of globally located private and public companies and has remain in good standing with the professional regulatory body ICAI without receiving such allegations before.
The Firm is a Category-I Registered Chartered Accounting firm with Reserve Bank of India.
The Firm has a diversified client base and wide audit experience of various companies, including banking and insurance companies, and government and semi-government organizations. Also, of note, is the Firm's experience of conducting "Special Audits", which are governed by the World Bank.
The Firm is also a registered Peer Reviewer with the ICAI's "Peer Review Board" and is authorized to peer review any firm including the multinational public accounting firms as allotted by the ICAI.
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