ICAI accuses 3 top audit firms of professional misconduct for IL&FS crisis
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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.
SR Batliboi was the statutory auditor of IL&FS Ltd for 2017-18, whereas Deloitte Haskins & Sells was the firm's auditor in 2016-17.
For ITNL, the statutory auditor for 2017-18 was SR Batliboi. A joint audit was conducted by SR Batliboi and Deloitte Haskins & Sells for 2016-17.
In IFIN’s case, there was a joint audit by Deloitte Haskins & Sells and BSR & Co for 2017-18. In 2017-18, Deloitte Haskins & Sells was the statutory auditor of IFIN.
The ICAI has already sent a formal communication to the partners of the three audit firms, the report said. #casansaar (Source - The Hindu Business, MoneyControl)
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Uday kumar
11-Dec-2018 , 06:21:26 pmkiya kya hai inhone he to likh do article me...