NFRA flags lapses in FY18 audit of IL&FS firm, claims losses were understated by Rs 2,021 crore

The National Financial Reporting Authority (NFRA) has found serious lapses in the statutory audit of IL&FS Transportation Networks Ltd (ITNL) for FY18, stating that the company’s losses during the said fiscal were understated by at least Rs 2,021 crore. In its Audit Quality Review Report (AQRR) of the statutory…