0

0

0

0

0

0

0

0

0

This article is more than 2 year old.

Flipkart hires KPMG to conduct due diligence of vendors, says report

Mini

Walmart-owned Flipkart has hired auditing firm KPMG to conduct due diligence of the vendors.

Flipkart hires KPMG to conduct due diligence of vendors, says report
As part of efforts to comply with a law prohibiting US-listed companies from indulging in corrupt practices in India, Walmart-owned Flipkart has hired auditing firm KPMG to conduct due diligence of the vendors, reported The Economic Times.
Since 2012, Walmart is conducting an anti-bribery compliance programme in India and globally through KPMG and the new initiative by Flipkart is similar to the US retail giant's efforts to comply with Foreign Corrupt Practices Act (FCPA), the report said.
Flipkart has provided new detailed form some vendors, the report said, adding that it is also seeking consent for the company appointed independent auditors to review the accounts of the suppliers to wholesale and large sellers on its marketplace.
"We always closely work with all our partners to ensure that we are sourcing the products responsibly and serve our customers together better. This also helps our seller partners grow their business in a more structured fashion," Flipkart told the daily.