S R Batliboi & Co
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2019: barred from auditing banks for a year
Batliboi barred from auditing banks for a yr
The RBI has barred S R Batliboi & Co, an affiliate of Ernst & Young, from undertaking audit assignments in commercial banks for a year from April 1, 2019.
S R Batliboi was the auditor for IL&FS in whose books of account major lapses were found. The RBI said the action was in line with its norms for statutory auditors. The audit report of IL&FS, particularly its financial services arm IFIN, has sparked a controversy with the group accused of painting a misleading picture of its finances.
The Serious Fraud Investigation Office had accused IFIN auditors of colluding with its officials to conceal fraudulent activities.