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The National Financial Reporting Authority (NFRA) has found that the initial appointment of the audit firm and its continuation as a statutory auditor of IL&FS Transportation Networks (ITNL) was prima facie illegal and void and that the company’s losses were understated.
The statutory auditor for ITNL for 2017-18 (FY18) was S.R. Batliboi (SRBC & Co LLP) & Co. LLP, which uses the EY brand and trademark for obtaining and providing audit services and is an independent member firm of Ernst & Young Global.
In its audit quality review report, the NFRA has said that ITNL’s financial exposure to its subsidiaries,
