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NFRA issued its first audit report of IL&FS Financial Services Limited for the year 2017-18

NFRA issued its first audit report of IL&FS Financial Services Limited for the year 2017-18

The National Financial Reporting Authority (NFRA) has issued the Audit Quality Review (AQR) report of the statutory audit for the year 2017-18 of IL&FS Financial Services Limited (IFIN). The statutory auditor for this engagement was Deloitte Haskins and Sells LLP (DHS).

Key Points:

  • Deloitte Haskins and Sells LLP failed to comply with auditing standards in carrying out the statutory audit of IL&FS Financial Services.
  • There was over-inflating profit by over ₹180 crores.
  • The first Audit Quality Review (AQR) report tells that the quality control system and processes are severely inadequate and ineffective.
  • The NFRA would examine whether any actions need to be initiated in the matter. 
  • It finally concluded that the report has failed to comply with the standards on auditing is 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.

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