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This message was shared by an Infosys employee. The person spoke at length over phone also sharing his anger and frustration at the company’s treatment of employees.Employees who worked for several years in the organization are treated like disposable objects. This employee rues the fact that IT employees neglected to form Trade Unions for so long.Now the awareness about the legal rights of employees is widespread. Employees in the IT sector started feeling as a class facing corporate exploitation, not as individuals outcompeting fellow employees.Unite!Date: 02-Jun-2017ToSenior Management/Leadership Team,Infosys Limited,Corporate and Head Office, Bangalore.Respected Sr,Subject: Seeking your immediate intervention and kind attention to protect innocent employees against speculated layoffs, forced resignations, termination’s and force fitting into bottom performance grades.Recently there have been a lot of disruptive news around speculated layoffs, forced resignations and terminations at Infosys. Many employees are being force fitted into bottom performance assessment grades as “Can do better/Needs Improvement” without any valid data points. This is done just to create grounds for their forced resignations/layoffs, terminations in the name of bottom performance. These are the employees who have spent years of their lives towards serving large corporates like Infosys and its big clients. They helped towards growth and revenue building of the organization.Even the founder of Infosys respected N.R. Narayana Murthy is standing by the employees and condemned all such actions. He suggested ways on how to handle dynamic business situations, budget constraints, people reskilling and avoid brutal headcount reduction at any cost. While Infosys foundation is spending millions in social welfare activities it is hard to imagine that these loyal employees and their families are dragged into a distress situation for mere cost cutting.As per the latest annual financial report of Infosys, people in senior leadership has got huge salary hikes (upto 70%) while junior staff and middle management have been at the receiving end with huge cuts in their variable salaries (performance bonuses) and denial towards basic annual increments.In terms of employee safety and security also this week there has been an unfortunate incident at Chennai where an employee (Ilayaraja) lost his life within Infosys campus. Early this year in Jan an innocent female employee Raseela Raju was inhumanly murdered at her workplace while she was called to do overtime for client work over a weekend.All these situations create a hostile work environment wherein employees feel harassed and stressed with lot of negative anxiety, uncertainty of their lives and livelihood.

The best place to look for a public company's auditors is the annual report, Form 10-K, filed with the Securities and Exchange Commission. You can look up any public company at the SEC's website. http://www.sec.gov/edgar/searchedgar/companysearch.htmlIn the 10-K, the firm's auditors will write a short letter to the Board of Directors indicating they have audited the company's financial records and, in their opinion, consider the attached (annual) financial statements free from any material misstatement. The letter looks something like this and is normally found directly before or after the financial statements (and their related footnotes), sometimes called the "F" (for "financial") pages, located toward the end of the document.Additionally, the auditors will also appear on the company's Definitive Proxy Statement, also filed with the SEC (Form DEF14A). Each year at the Annual Meeting of Shareholders, the Board of Directors will ask all shareholders to vote in favor of the appointment of the auditors for the following fiscal year. This filing generally occurs after the filing of the 10-K, so if you need information quickly, the 10-K should be your first choice.

In China Railway Corporation’s financial report, “operating profit” is the literal translation of the Chinese “营业利润”:This has caused some confusion here because “operating profit” is typically used interchangeably with “earnings before interest and taxes (EBIT)” in U.S. financial reporting vernacular. Normally, it would be pretty obvious but the problem with China Railway Corporation’s financials is that it does not explicitly break out interest expense in its income statement.The Chinese term “营业利润” is more accurately translated as “profits before taxes (PBT)” or “earnings before taxes (EBT)” in U.S. financial reporting vernacular.I cross-checked this with the annual report from another mainland Chinese company that I follow. Here, as you can see, “营业利润” is calculated after accounting for interest expense paid (“利息支出”) and interest income (“利息收入”) generated:Source: Excerpt from page 87 of Midea Group’s 2017 Annual Report (in Chinese)I have noticed that many news reports commenting on China Railway’s financial outlook have not recognized this distinction, and as a result formed potentially inaccurate or misleading conclusions.Indeed, the specific article that triggered me to both ask the question and write this answer was an FT article: China’s high-speed rail and fears of fast track to debt. The FT article may be behind a paywall, but it has been essentially re-posted here: Ozy: How China's Railways Are Leading to High-Speed Debt.From the above-referenced articles, here is one example of the misleading conclusions that resulted from this confusion:In the first quarter of this year, China Railways reported a net loss of RMB 376 billion. During the same period, bank loans accounted for RMB 156 billion, or more than 60 percent, of its total funding. The company’s interest payments on its debt have exceeded its operating profit since at least 2015.The implication above is that China Railway does not have enough operating profit to cover its interest payments when this is simply not true. This supports the article’s broader conclusion that China’s high-speed rail operation is in financial trouble when in reality it appears to be quite healthy: Glenn Luk's answer to How profitable is China's high-speed rail?