Deloitte Haskins & Sells (DHS) has been associated with IL&FS for more than a decade.“DHS is engaged as a tax auditor with two of the group firms. In the wake of the evidence against auditors put before the board, it was against DHS continuing as tax auditors of these firms. Deloitte Haskins & Sells and BSR didn’t respond to emails till the time of going to press.“The board has appointed audit firms to look into the alleged irregularities. The board has therefore show-caused them,” one person said.The IL&FS board had written to the Ministry of Corporate Affairs recently, proposing punitive action against the two auditors. In five cases, the loans were approved even after negative assessments by the infrastructure financier’s risk team.

Source: Economic Times May 14, 2019 00:33 UTC