NFRA to look into IL&FS Auditor's role
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The National Financial Reporting Authority (NFRA), the newly-constituted independent regulator for the auditing profession, will look into the role of auditors for the serious lapses at IL&FS and whether they colluded with the Board to hide information.
On Wednesday, Rangachari Sridharan took over as chairman and Prasenjit Mukherjee as member of NFRA.
"NFRA will look into the role of auditors. It will be a test case for NFRA," a government source said.
The preliminary enquiry report of the regional director, Mumbai, of the Ministry of Corporate Affairs (MCA) has highlighted corporate-related deficiencies in IL&FS and its group companies.
The government had told the National Company Law Tribunal (NCLT) that SRBC & Co, the statutory auditor of IL&FS, had drawn the attention of the Board to the existence of uncertainty over the company's ability to continue as a going concern and the management plan to raise funds.
Sridharan, a 1983 batch retired IAS officer of Karnataka cadre, will hold the post of chairperson, NFRA, for three years or till the incumbent attains the age of 65 years. Mukherjee has been appointed as full-time member of the authority for the same tenure. Mukherjee is a 1980 batch retired officer of Indian Audit and Accounts Service. #casansaar (Source - DNA India)
On Wednesday, Rangachari Sridharan took over as chairman and Prasenjit Mukherjee as member of NFRA.
"NFRA will look into the role of auditors. It will be a test case for NFRA," a government source said.
The preliminary enquiry report of the regional director, Mumbai, of the Ministry of Corporate Affairs (MCA) has highlighted corporate-related deficiencies in IL&FS and its group companies.
The government had told the National Company Law Tribunal (NCLT) that SRBC & Co, the statutory auditor of IL&FS, had drawn the attention of the Board to the existence of uncertainty over the company's ability to continue as a going concern and the management plan to raise funds.
Sridharan, a 1983 batch retired IAS officer of Karnataka cadre, will hold the post of chairperson, NFRA, for three years or till the incumbent attains the age of 65 years. Mukherjee has been appointed as full-time member of the authority for the same tenure. Mukherjee is a 1980 batch retired officer of Indian Audit and Accounts Service. #casansaar (Source - DNA India)
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