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NFRA issues Audit Quality Review Report of the Statutory Audit for FY 2017-18 of ILFS Financial Services Limited The National Financial Reporting Authority (NFRA) has issued the Audit Quality Review Report (AQRR)of the Statutory Audit for the year 2017-18 of ILFS Financial Services Limited (IFIN). The statutory auditor for this engagement was BSR Associates LLP (BSR). The AQR was conducted pursuant to Section 132(2)(b) of the Companies Act, 2013, and NFRA Rules, 2018, which require the NF
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FAQ :
The report concerns the statutory audit for the financial year 2017-18 of IL&FS Financial Services Limited (IFIN), conducted by BSR & Associates LLP.
NFRA concluded that the appointment of BSR & Associates LLP as the statutory auditors of IFIN was illegal and void from the beginning.
NFRA identified significant failures in complying with auditing standards, including issues with material misstatements, the going concern assumption, lack of communication with governance, and incorrect determination of materiality.
Yes, NFRA found that the IT processes and platform used by BSR had systemic and structural deficiencies.
NFRA will separately examine whether disciplinary proceedings need to be initiated against BSR under the Companies Act, 2013.
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