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The National Financial Reporting Authority (NFRA) has laid the blame at the door of Deloitte Haskins & Sells (DHS), stating that the audit firm had failed to comply with the prescribed Auditing Standards during its statutory audit of IL&FS Financial Services Limited (IFIN) for 2017-18.
In its first ever Audit Quality Review (AQR) report, the new independent audit regulator NFRA has concluded that failure to comply with the auditing standards are of such significance that DHS did not have adequate justification for issuing the audit report asserting that the audit was conducted in accordance with the Standards on Auditing.
Besides, the quality control system and processes of DHS were found to be severely inadequate and ineffective, the NFRA report said.
It may be recalled that NFRA was set up on October 1 last year as an independent audit regulator to oversee auditors of listed companies and large unlisted companies besides banks and insurers.
Separately, NFRA will examine whether disciplinary proceedings under Section 132(4) of the Companies, 2013 needs to be initiated against DHS in connection with the AQR report, an official release added.
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