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NFRA flags serious lapses in statutory audit of JAL in 2017-18

Audit regulator NFRA on Friday flagged serious lapses in the statutory audit of Jaiprakash Associates Ltd (JAL) for 2017-18, including that transactions violative of accounting and auditing standards would have resulted in more than Rs 3,200 crore loss instead of a profit before tax in the particular financial year.
The infrastructure company’s statutory audit for 2017-18 was conducted by Rajendra K Goel & Co.
In its 207-page Audit Quality Review Report (AQRR) issued on Friday, NFRA has listed out the lapses and said the audit firm failed to comply with requirements of various Standards on Auditing (SAs) and provisions of Standards on Quality Control (SQC).
“The audit firm’s reporting in the ‘Basis of opinion’ section of Independent Auditors Report is false and misleading.
“The impact of the transactions violative of accounting and auditing standards, as identified in this AQRR are such that the profit before tax of Rs 351.71 crores, as reported in the financial statements, would .
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