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Probe alleges 22 audit violations by Deloitte, KPMG arm in IL&FS unit

Auditors deny charges as probe says they 'miserably failed to fulfill the duty entrusted to them'

Deloitte  |  Il&fs

Aditya Kalra | Reuters 

India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detected as part of a wide-ranging probe into alleged fraud and mismanagement at Infrastructure Leasing & Financial Services (IL&FS), which defaulted on its debt obligations last year and sparked fears of financial contagion. Both auditors have denied wrongdoing. After the government ...

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First Published: Thu, June 13 2019. 20:21 IST