India detected at least 22 violations of auditing standards by Deloitte Haskins ...
NEW DELHI - India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters.
The auditing firms gave clean audit reports and “deliberately” failed to report fraudulent activities at IFIN, said a 214-page tribunal filing submitted on Monday by the corporate affairs ministry, which was seen by Reuters and is not public. In response to an e-mail from Reuters detailing the allegations made in the filing, a Deloitte spokesman said it was confident “it has been thorough and diligent” in its duties as an auditor and looked forward to presenting its position to the courts and relevant authorities.
The government has urged the tribunal to impose a five-year ban on the two auditors. It has also sought to bar the accounting firms from selling any of their properties while the case is heard, legal filings showed.Part of the IL&FS group, IFIN was one of the thousands of shadow banking companies in India, whose primary business is to raise funds for lending from banks and the public.
“The auditors, despite being aware of this modus operandi of fraudulently funding of principal and interest to the defaulting borrowers, had not reported the same in the audit report,” the government alleged in the court filing. The probe, which included a review of internal e-mails, also found that a Deloitte partner in 2017 had been offering an accounting service of Deloitte’s consulting arm to IL&FS. In another instance in 2016, a Deloitte partner was providing management consultancy on a transaction.
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