Auditors ‘miserably failed’ to fulfil their duties, corporate affairs ministry tells company law tribunal
The Deloitte offices stand in 2 New Square on October 2 2018 in London, England. Picture: GETTY IMAGES/ JACK TAYLOR
India’s corporate affairs ministry told a company law tribunal that the companies “miserably failed” to fulfil their duties as auditors for IL&FS Financial Services , a filing seen by Reuters shows.Deloitte said it “is confident that it has been thorough and diligent in the performance of its duties as an auditor. The firm stands fully for its audit work which has been conducted in full compliance with the professional standards in India”. It said it will co-operate fully with authorities.
The Indian government took control of IL&FS in October after it defaulted on several debt obligations, saying it stepped in to insulate the financial system from contagion. The group has a debt of more than 910-billion rupees . Deloitte audited Ifin from 2008-09 to 2017-18 and BSR started auditing it from 2017-18, the petition reads. Both Deloitte and BSR audited Ifin in 2017-18.
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