India’s audit regulator, National Financial Reporting Authority (NFRA) stated in its audit quality review that statutory auditors of IL&FS, KPMG’s affiliate BSR and Co, failed to highlight a material misstatement of major magnitude and fundamental importance and found audit lapses in its assignment. The objective of the Audit Quality Review is to examine the quality of audit of the financial statements of the company, and the work performed by the auditors.
IL&FS Financial Services did not comply with the prescribed minimum Net Owned Funds (NOF) and Capital to Risk Assets Ratio (CRAR) as on 31st March, 2018 and it was pointed out by NFRA also that these numbers are actually negative depicting a bad picture of the financials of the company. However, BSR, the auditor, chose to ignore the aspect indicated and did not highlight the wrong numbers presented by the company.
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