The appointment of Deloitte LLP’s Indian subsidiary to audit a now-notorious financial company was illegal, according to India’s audit regulator, because the firm was already doing consulting work for the company at the time.
The National Financial Reporting Authority said in a report Wednesday that the appointment of Deloitte Haskins & Sells LLP (DHS) as the auditor of IL&FS Financial Services Ltd for fiscal year 2018 was illegal and that DHS fraudulently provided an audit certificate. Indian company law prohibits auditors from having other business relationships with their clients.
- DHS will review the report, ...
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