Deloitte s appointment as statutory auditor of IL&FS in 2017-18 illegal : NFRA
National Financial Reporting Authority conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019
PTI | December 11, 2020 | Updated 09:51 IST
According to the SAQRR, the appointment of Deloitte Haskins and Sells LLP (DHS) as the statutory auditor of IFIN for the year 2017-18 was illegal , since the entity was not eligible to be appointed as an auditor due to violations
The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was illegal . The latest conclusions are part of the Supplementary Audit Quality Review Report (SAQRR) dated December 7, 2020.
The latest conclusions are part of the Supplementary Audit Quality Review Report (SAQRR) dated December 7, 2020. The watchdog conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019. The SAQRR covers issues which were not covered in the AQR Report. According to the SAQRR, the appointment of Deloitte Haskins and Sells LLP (DHS) as the statutory auditor of IFIN for the year 2017-18 was illegal , since the entity was not eligible to be appointed as an auditor due to violations. Those are subsisting business relationships on the date of appointment and provision of non-audit services directly or indirectly of the Companies Act, 2013.