{"id":356165,"date":"2020-06-08T11:59:08","date_gmt":"2020-06-08T06:29:08","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=356165"},"modified":"2020-06-08T12:29:47","modified_gmt":"2020-06-08T06:59:47","slug":"auditor-may-not-have-raised-red-flags-at-ilfs-behest-forensic-report","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/auditor-may-not-have-raised-red-flags-at-ilfs-behest-forensic-report\/","title":{"rendered":"Auditor may not have raised red flags at IL&amp;FS behest: forensic report"},"content":{"rendered":"<p>Barely three months before IL&amp;FS Group companies ran into trouble with the first default on August 28, 2018, SRBC &amp; Co LLC (an arm of Ernst and Young), auditor to IL&amp;FS Transportation Networks India Limited (ITNL), decided to exclude notes on the company\u2019s ability to continue operations indefinitely, which in accounting language is referred to as a going concern principle. <\/p>\n<p>According to the Grant Thornton forensic audit report, SRBC &amp; Co LLC had earlier taken a decision to make such qualifications in its audit report for 2017-18. But following a meeting with IL&amp;FS and ITNL management, it did not include this in the Emphasis of Matter (EoM) paragraph.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barely three months before IL&amp;FS Group companies ran into trouble with the first default on August 28, 2018, SRBC &amp; Co LLC (an arm of Ernst and Young), auditor to IL&amp;FS Transportation Networks India Limited (ITNL), decided to exclude notes on the company\u2019s ability to continue operations indefinitely, which in accounting language is referred to as a going concern principle. According to the Grant Thornton forensic audit report, SRBC &amp; Co LLC had earlier taken a decision to make such qualifications in its audit report for 2017-18. But following a meeting with IL&amp;FS and ITNL management, it did not include [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-356165","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/356165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=356165"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/356165\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=356165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=356165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=356165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}