SFIO has alleged that the IFIN management and the audit committee colluded on delaying recognition of stressed accounts. It’s not clear whether it was detected and reported by the company’s internal audit to the audit committee. Did the internal audit miss out on something as critical as ever-greening? Also, does the internal audit report to the audit committee in order to ensure its independence? However, the charge sheet points to material weaknesses in the internal control system which implies auditors merely relied on assertions made by the IFIN management.

Source: Mint June 03, 2019 17:03 UTC