Did IL&FS auditors collude with Board to hide information? NFRA to reveal

The National Financial Reporting Authority (NFRA), the newly-constituted independent regulator for the auditing profession, will look into the role of auditors for the serious lapses at IL&FS and whether they colluded with the Board to hide information. 

On Wednesday, Rangachari Sridharan took over as chairman and Prasenjit Mukherjee as member of NFRA.

“NFRA will look into the role of auditors. It will be a test case for NFRA,” a government source said.

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The preliminary enquiry report of the regional director, Mumbai, of the Ministry of Corporate Affairs has highlighted corporate-related deficiencies in IL&FS and its group companies.

Source: DNA Money