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Audit firm Deloitte has flagged several critical lapses in the internal financial controls of VerSe Innovation, the parent company of content platform Dailyhunt and short-video app Josh, according to recent filings with the Ministry of Corporate Affairs. The audit report comes just days after VerSe’s Chief Financial Officer, Sandip Basu, reportedly resigned.

In its report, Deloitte highlighted shortcomings across multiple areas, including the selection and evaluation of suppliers, approval of purchase orders and invoices, and payment processes. The auditor warned that these deficiencies could lead to “material misstatements” in trade payables, expense accounts, and even potential cases of preferential payments or misappropriation.

Deloitte also raised concerns over VerSe's management of virtual assets, citing inadequate oversight in customer acceptance, pricing, segregation of duties, and user access to digital asset transfers. These gaps, the report noted, could result in misstatements in the company’s revenue and costs associated with virtual assets.

Despite these issues, Deloitte maintained a "true and fair" opinion on VerSe's standalone financial statements for FY24, stating that the control lapses did not affect the overall audit outcome.

Further, the audit identified weaknesses in VerSe’s advertisement revenue recognition practices, pointing out that internal controls to ensure customer-approved release orders were not functioning effectively. This, Deloitte said, posed a risk of misstated revenues and inflated trade receivables.

Deloitte also flagged deficiencies in VerSe’s IT general controls, particularly concerning user access, program development, change management, and the lack of audit logs. Significantly, the auditor pointed to an unsubstantiated claim of ₹35 crore arising from "unexplained invoices" submitted by a supplier, which the company has not yet acknowledged as trade payables.

Responding to Deloitte’s findings, a VerSe Innovation spokesperson said, "Deloitte, VerSe Innovation’s long-term auditor, has issued a True and Fair view of our FY24 Consolidated Financial Statements, providing a clean audit opinion on our financials. While Deloitte identified certain internal control weaknesses, their report has clearly confirmed that these do not impact their opinion on the Consolidated Financial Statements."

The spokesperson added that VerSe is committed to strengthening its internal processes, introducing frameworks for supplier management, tightening virtual asset controls through dashboards and access segregation, and improving revenue recognition mechanisms.

According to VerSe’s updated financial disclosures, the company's revenue from operations fell to ₹1,029 crore in FY24 from ₹1,104 crore the previous year. Its net loss narrowed to ₹889 crore in FY24 compared to ₹1,909.7 crore in FY23. However, VerSe had previously reported a higher operating revenue of ₹1,261 crore for FY24 and an EBITDA loss of ₹710 crore.

Founded with ambitions to lead India's digital content space, VerSe has raised over $2 billion to date. It secured $805 million in April 2022 from investors including the Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board, valuing the company at around $5 billion. VerSe had been eyeing an IPO this year.

Dailyhunt parent VerSe Innovation under scrutiny over audit findings

COVID-19 and its various variants have totally changed the concept of the workplace. It's tough for companies to set ‘all employees to return to office’ dates, and in most cases, a hybrid model is evolving. This prolonged, work from home hybrid work zone involving long hours of communication with colleagues and clients via video calls has had a dramatic impact on the workplace dress code.  

Formal attire is no longer the de-facto choice. It has given way to ‘business casuals’ which have fast evolved into what can be best described as a ‘business comfort’ dress code. With no need for ‘impression management’ whilst working from home, work wear attires quickly pivoted towards comfort wear, sweats, shorts and track suits became the preference. For those long video calls with colleagues and clients, dressing down below the waist ruled favor with one and all. 
 
With offices re-opening, after almost two years of wearing pretty much whatever we wanted, wearing traditional, uncomfortable, formal office attire like business suits, neck ties, dress shirts, formal dresses with high heels, sarees etc. is the last thing that most of us want to do. 

Define your style 

Most office environments are still to adjust to the changed expectations of their work force from what office space should be like. In the midst of all this, commuting in most Indian cities is not a pleasant experience and there is understandably a certain ‘revulsion’ to dressing uncomfortably for office/client meetings. 
 
While I do put in thought and effort into what I wear to the workplace, what works for me now is a more flexible wardrobe, with a mix of smart casuals and some formal wear. I am not in favour of keeping work wear completely casual. My mantra is to dress smart!

Currently, I love to mix up my blouses or t-shirts or printed shirts with a tailored jacket and trousers/skirt or with a comfortable pair of jeans. Lightweight, organic and sustainable are the adjectives driving my choice of fabrics. In terms of fit, relaxed and functional are what I choose over tight, skinny fits, and high heels! I am also now making bolder choices with prints and colours vs the neutrals that I mostly wore pre-pandemic.

[caption id="attachment_1675" align="alignnone" width="750"]<img src="https://images.storyboard18.com/storyboard18/collage-1024x576.png" alt="Singh (pictured here) says, “Dressing smart helps leave a good first impression, present a positive, professional image of my organisation and enhances my self confidence.”" width="750" height="422" class="size-large wp-image-1675" />[/caption]

Non-verbal cues 

A lot of this is very subjective, what matters is that one should feel natural and comfortable in their choice of clothes and dress ‘appropriately’. Recently for a client meeting, I deliberately chose to wear a shirt of their brand colour. The client took notice and did appreciate it. It was my way of sending a soft signal of our understanding of their brand values and given an opportunity would work with them as an extension of their own team.
 
I am a team leader, with many people looking up to me and I like mixing up the casual, comfortable look with a bit of formal wear because I like to look the part, whilst I go about doing my job. How you mix the fabrics, colours and fit for a given setting determines your style, is it formal or casual, edgy or traditional, young or mature, understated and powerful. It can set the tone for your work. Personally I don’t follow any ONE particular style of dressing. I choose depending on my schedule and my mood on a particular day. 

I believe, what you wear — or dress, sends nonverbal cues to other people. Our clothing - the fit, colour, styling, and how we carry it off, how we appear, all this is connected to how our ideas are received. It can affect our credibility. I think dressing smart helps leave a good first impression, present a positive, professional image of my organisation and enhances my self confidence. 

But whatever you wear, it’s most important to feel good and comfortable in it. Because there is no magic bullet. Experiment and have fun as you find your style rhythm best suited for you.

Rubeena Singh is the country manager of Josh, VerSe Innovation. Views expressed are personal.

VERSE