INTERNATIONAL – India is seeking to ban Deloitte Haskins Sells and KPMG affiliate BSR & Associates for five years, alleging lapses in their audits of a unit of Infrastructure Leasing & Financial Services (IL&FS), which the government took control of last year.
India’s corporate affairs ministry told a company law tribunal that the companies “miserably failed” to fulfill their duties as auditors for IL&FS Financial Services (IFIN), a filing seen by Reuters shows.
Both auditing firms denied any wrongdoing on Tuesday.
Deloitte said it “is confident that it has been thorough and diligent in the performance of its duties as an auditor. The firm stands fully for its audit work which has been conducted in full compliance with the professional standards in India.”
It said it would cooperate fully with authorities.