NFRA bans former Deloitte India partner for 7 years due to IL&FS case

Authority says independence of the statutory auditor in mind and appearance was totally compromised, accuses Udayan Sen of intentional reckless behaviour

The National Financial Reporting Authority (NFRA) imposed a penalty of Rs 25 lakh on former Deloitte partner Udayan Sen in the matter of statutory audit of IL&FS Financial Services (IFIN) and also barred him for seven years from being appointed as an auditor or internal auditor of any company on Wednesday. 

The financial reporting authority has also barred Sen from taking any audit in respect of financial statements or internal audit of the functions and activities of any company for professional misconduct. 

“As a professional accounting firm we are surprised and concerned that the NFRA has chosen to issue and