New Delhi
Issuing its first Audit Quality Review (AQR) report, the watchdog has concluded that quality control system and processes of Deloitte Haskins and Sells LLP (DHS) are “severely inadequate and ineffective,” as per a release. Further, the NFRA would examine whether disciplinary actions need to be initiated in the matter. The AQR report is for the statutory audit conducted by DHS for IL&FS Financial Services Ltd (IFIN) for the 2017-18 period.
“NFRA concluded in this report that the failure to comply with the standards on auditing 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. The crisis at diversified IL&FS group, which had also sparked off concerns in the overall financial system, came to light late last year.
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android