IL&FS and ITNL looking to replace auditor SRBC & Co

Infrastructure Leasing & Financial Services (IL&FS) and subsidiary IL&FS Transportation Networks Ltd (ITNL) are evaluating replacement of auditor SRBC & Co, an EY affiliate, as their statutory auditor, after a damning audit quality review report by the National Financial Reporting Authority.

The 343-page report released on Thursday said SRBC did not raise red flags in critical areas like going concern, evaluation of ITNL’s investments and loans.