{"id":437855,"date":"2021-09-24T08:36:51","date_gmt":"2021-09-24T03:06:51","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=437855"},"modified":"2021-09-24T10:02:19","modified_gmt":"2021-09-24T04:32:19","slug":"nfra-finds-big-gaps-in-statutory-audit-of-ilfs-transportation-networks","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nfra-finds-big-gaps-in-statutory-audit-of-ilfs-transportation-networks\/","title":{"rendered":"NFRA finds big gaps in statutory audit of IL&amp;FS Transportation Networks"},"content":{"rendered":"<p>The National Financial Reporting Authority (NFRA) has found that the initial appointment of the audit firm and its continuation as a statutory auditor of IL&amp;FS Transportation Networks (ITNL) was prima facie illegal and void and that the company\u2019s losses were understated.<\/p>\n<p>The statutory auditor for ITNL for 2017-18 (FY18) was S. R. Batliboi (SRBC &amp; Co LLP) &amp; Co.<br \/>\nLLP, which uses the EY brand and trademark for obtaining and providing audit services and is an independent member firm of Ernst &amp; Young Global.<\/p>\n<p>In its audit quality review report, the NFRA has said that ITNL\u2019s financial exposure to its subsidiaries, associates, and joint ventures &#8211; amounting to Rs 3,346 crore &#8211; was not properly valued according to the applicable accounting standards.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Financial Reporting Authority (NFRA) has found that the initial appointment of the audit firm and its continuation as a statutory auditor of IL&amp;FS Transportation Networks (ITNL) was prima facie illegal and void and that the company\u2019s losses were understated. The statutory auditor for ITNL for 2017-18 (FY18) was S. R. Batliboi (SRBC &amp; Co LLP) &amp; Co. LLP, which uses the EY brand and trademark for obtaining and providing audit services and is an independent member firm of Ernst &amp; Young Global. In its audit quality review report, the NFRA has said that ITNL\u2019s financial exposure to its [&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":[135,130,168],"tags":[],"class_list":["post-437855","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-roads-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/437855","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=437855"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/437855\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=437855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=437855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=437855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}