NFRA flags lapses in FY18 audit of IL&FS firm, claims losses were understated by Rs 2,021 crore
India Today
The National Financial Reporting Authority has found serious lapses in the 2017-18 audit of IL&FS Transportation Networks Ltd (ITNL). NFRA also said that the appointment of SRBC & Co LLP as the statutory auditor of ITNL was "prima facie illegal and void".
The National Financial Reporting Authority (NFRA) has found serious lapses in the statutory audit of IL&FS Transportation Networks Ltd (ITNL) for FY18, stating that the company’s losses during the said fiscal were understated by at least Rs 2,021 crore.
In its Audit Quality Review Report (AQRR) of the statutory audit of ITNL for 2017-18, the NFRA concluded that the initial appointment and continuation of SRBC & Co LLP as the statutory auditor of ITNL for FY18 was "prima facie illegal and void".
