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 ...
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'
Aditya Kalra | Reuters Last Updated at June 14, 2019 02:20 IST