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IFIN management might have stonewalled its auditors by giving written assurances every time a question was raised, as per SFIO. MCA files applications at NCLT to ban Deloitte and BSR Associates from auditing for five years.
Stonewalled: Following its investigations into the IL&FS Financial Services (IFIN), the Serious Fraud Investigation Office (SFIO) has revealed that the management at IFIN might have stonewalled its auditors by issuing a “management representation letter” every time a question was raised.
Red Flags: Such letters from the senior management attest to accuracy of the financial statement and documents submitted to auditors. It comes as no surprise then that in the past year alone, half a dozen management representation letters were given to auditors when they raised alerts on certain judgment calls by the management to facts related to loans.
Zoom Out: IFIN was audited by BSR & Co, a KPMG affiliate, for a year in 2018-19, and jointly by BSR and Deloitte Haskins & Sells for 2017-18. Deloitte was the sole auditor for 2015-16 and 2016-17.
Grim Future: Ministry of Corporate Affairs has filed applications at NCLT to ban Deloitte and BSR Associates from auditing for five years for alleged lapses in auditing the books of IFIN.
MCA is also pushing for the appointment of a new auditor to be appointed for IFIN.