IL&FS crisis: ICAI accuses 3 top audit firms of professional misconduct


IL&FS crisis: ICAI accuses 3 top audit firms of professional misconduct

The statutory auditors of Infrastructure Leasing and Financial Services (IL&FS) Ltd – the parent company of debt-laden IL&FS Group – and two of its subsidiaries, IL&FS Transportation Networks Ltd (ITNL) and IL&FS Financial Services Ltd (IFIN), have been held “prima facie guilty” of professional misconduct by the Institute of Chartered Accountants of India (ICAI), The Hindu Business Line has reported.

The names listed by the ICAI include three top-notch audit firms – Deloitte Haskins & Sells, BSR & Associates LLP and SR Batliboi. The decision has cleared the way for full-fledged investigations against the partners of these audit firms.

The ICAI, in a written reply to the publication, confirmed that the statutory auditors of IL&FS Ltd, ITNL and IFIN have been held prima facie guilty of professional misconduct for the financial years 2016-17 and 2017-18. Read More

Leave a Reply

Your email address will not be published.