India, April 29 -- Cracks In VerSe's Controls?

The media and entertainment giant VerSe, which operates Dailyhunt and Josh and was last valued at $5 Bn in April 2022, is under fire after Deloitte flagged lapses in its internal financial control.

Deloitte's Findings: According to the auditor, VerSe lacked robust controls in the selection of vendors, approval of purchase orders, and payment processing. Deloitte highlighted that it could have potentially made way for wrong payments, overpayments, or even fraud.

The Red Flags:

Poor controls over buying, selling, and managing virtual assets, which created risks of revenue misreporting or even asset theft

VerSe's method for recording expenses was weak, which could cause errors in reported c...