Auditor declines ONGC appointment over independence conflict

Oil and Natural Gas Corporation Limited (ONGC) announced on September 24, 2025, that MSKA & Associates, chartered accountants, has conveyed its dissent to accept the appointment as a joint statutory auditor for the financial year 2025-26. The firm was among five chartered accountants firms/limited liability partnerships appointed by the Comptroller & Auditor General of India (C&AG) on September 12 and 19, 2025.

MSKA & Associates identified that a network entity of their firm has been providing "accounting & finance services" to an ONGC subsidiary and business valuation services to an associate company. These services are classified as prohibited under Section 144 of the Companies Act, 2013, and the guidelines from the office of the Comptroller & Auditor General of India, leading to a conflict that would compromise the firm's independence.

Consequently, MSKA & Associates stated that they are restricted from accepting the joint statutory audit appointment. ONGC has confirmed receipt of this letter, which will be kept for information and records.