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LATEST NEWS UPDATES | Accounting regulator raps ‘EY arm’s’ audit of IL&FS firm

Accounting regulator raps ‘EY arm’s’ audit of IL&FS firm

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published Published on Sep 23, 2021   modified Modified on Sep 24, 2021

-The Hindu

'Understatement of losses runs up to more than 2,000 crore’

The National Financial Reporting Authority (NFRA) has rapped ‘EY group firm’ SRBC & Co. LLP for failing to detect several problems in the IL&FS group’s transport venture while undertaking its statutory audit in 2017-18.

The auditor’s lapses had led to losses being understated by more than 2,000 crore, incorrect treatment of letters of comfort of 2,654 crore and improper valuation of the firm’s financial exposure to its associates, subsidiaries and joint ventures amounting to 3,346 crore, the accounting and audit regulator said.

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The Hindu, 23 September, 2021, https://www.thehindu.com/business/accounting-regulator-raps-ey-arms-audit-of-ilfs-firm/article36638737.ece?homepage=true


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