India Says Deloitte Misreading Law In Challenging Govt's Call for Ban

India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday. Deloitte Haskins & Sells LLP is contesting the government’s call for the ban on the auditor for its alleged involvement in a financial fraud, Reuters reported.The government has said it detected several violations of auditing standards by Deloitte and a KPMG affiliate while investigating fraud at IFIN, a unit of Infrastructure Leasing & Financial Services, whose debt defaults last year triggered fears of a financial contagion. Both auditors deny wrongdoing. Deloitte’s filing showed it last month argued the government case should be dismissed because it came after the auditor’s 10-year stint at IFIN ended. The last audit it did was for the fiscal year to March 2018. Read more

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