Bharat Parikh & Associates Responds to Key Tronic Corporation's Allegations

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Sep 22, 2017, 09:00 ET

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

"Key Tronic's publicly made allegations against our firm are false, unsubstantiated and defamatory in nature. Furthermore, these allegations are made with an intention of harming our global reputation by questioning the accuracy of our audit practice and the audited financial statements of our client, Cemtrex Inc." stated CA Bharat Parikh, the Senior Managing Partner.

About Bharat Parikh & Associates
Bharat Parikh & Associates holds a global presence, with a varied client base across multiple locations and industries. The Firm has many registrations, certifications and empanelment's in place, including empanelment with The Comptroller Auditor General of India & a registered Information System and Security Auditor with ICAI. For more info, please visit www.bpaca.com

Contact for Bharat Parikh & Associates Chartered Accountants:
Mailing Address: - (HQ) 509 Shri Ram Chambers, R.C.Dutt Rd, Alkapuri, Vadodara-7, GJ, India.
Email: - [email protected]
(O): - +91-265-2338755

SOURCE Bharat Parikh & Associates