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. 

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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