Big Four runs for cover: IL&FS effect may dim the halo around the auditors

It will be an apprehensive Friday for the Big Four multinational audit networks. The National Company Law Tribunal is taking up for hearing the Ministry of Corporate Affairs’ petition to ban the two auditors of Infrastructure Leasing & Financial Services (IL&FS) Financial Services, Deloitte Haskins and Sells, and BSR and Associates (a KPMG affiliate) for allegedly colluding with the management in dubious lending practices. On the same day, the Securities Appellate Tribunal is expected to give its final order on the market regulator’s ban of Satyam auditor Price Waterhouse. A .....
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