The National Financial Reporting Authority (NFRA) has found various lapses in the statutory audit of IL&FS Financial Services Limited (IFIN) for 2017-18 that was done by BSR & Associates LLP.
NFRA has issued the Audit Quality Review Report of the Statutory Audit for the year 2017-18 of IFIN. “The instances of failure to comply with the requirements of the Standards of Auditing (SAs) by BSR are significant,” a release issued by the the Ministry of Corporate Affairs said.
NFRA comes under the Ministry of Corporate Affairs. As per the release, BSR did not have adequate justification for issuing the audit report asserting that the audit was conducted in accordance with the SAs.
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