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CA Institute sends notice to IFIN auditor BSR & Associates

The CA Institute has sent a show cause notice to BSR & Associates LLP (BSR), one of the statutory auditors of ILFS Financial Services (IFIN), which is controlled by crisis-ridden Infrastructure Leasing and Financial Services (IL&FS).

Global network KPMG conducts audit in India through BSR, an Indian audit firm. The show cause notice is a suo motu action of the CA Institute, based on media reports related to the recent developments at IL&FS, said sources in the professional body.

The notice is for audit work related to IFIN’s financial year 2017-18. BSR is understood to have undertaken the joint audit with Deloitte Haskins & Sells for this year.

It may be recalled that the CA Institute had, on October 9, issued show cause notices to IL&FS’ statutory auditors – Deloitte, Haskins & Sells, and SR Batliboi – for different financial years.

Meanwhile, the Serious Fraud Investigation Office (SFIO) has turned down CA Institute’s request to share IL&FS-related information available with the investigation agency. Even the CA Institute’s letter to Uday Kotak, Chairman of the new IL&FS board, seeking information on IL&FS Group auditors/directors, did not bear fruit.

IL&FS recently wrote to the CA Institute expressing the inability of Uday Kotak in sharing information about IL&FS with the CA Institute, sources said.

Source: www.thehindubusinessline.com/money-and-banking/ca-institute-sends-notice-to-ifin-auditor-bsr-associates/article25393034.ece?homepage=true&action=profile_completion&utm_source=Mailer&utm_medium=ET_batch&utm_campaign=etcfo_news_2018-11-02

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