Page 3 - Nfra

NFRA says appointment of DHS as statutory auditor in 2017-18 'illegal'

The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was "illegal". The latest conclusions are part of the Supplementary Audit Quality Review Report (SAQRR) dated December 7, 2020. The watchdog conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019. The SAQRR covers issues which were not covered in the AQR Report. According to the SAQRR, the appointment of Deloitte Haskins and Sells LLP (DHS) as the statutory auditor of IFIN for the year 2017-18 was "illegal", since the entity was not eligible to be appointed as an auditor due to violations. Those are "subsisting business relationships on the date of appointment" and "provision of non-audit services directly or indirectly" of the Companies Act, 2013. The watchdog said that DHS failed to comply with the requirements of .

Auditors seek fine-tuning audit report guidelines, approach Sebi, NFRA

The new disclosures and assessments are a part of the Companies (Auditor's Report) order, or CARO, effective this financial year

NFRA to serve notice on Deloitte in IL&FS Financial Services case

NFRA would seek Deloitte's response on its findings soon

PW India won't offer non-audit service to clients governed by NFRA

These are services such as tax advisory and consulting

NFRA, RoC seek information on whistleblower complaints, says Infosys

Infosys condemned the "mischievous insinuations made by anonymous sources against the co-founders and former colleagues, suggesting their involvement in the recent whistleblower allegations".

NFRA: The threshold limit has to be pragmatic, says Amarjit Chopra

Bureaucracy had been pushing for the NFRA, citing examples from other countries but the political leadership resisted such move