The National Financial Reporting Authority (NFRA) has found serious lapses in the statutory audit of IL&FS Transportation Networks (ITNL) for the 2017-18 fiscal, including that the company's losses were understated by at least Rs 2,021 crore. The statutory audit was conducted by SRBC & Co LLP, Chartered Accountants.
IL&FS Transportation Networks is an India-based surface transportation infrastructure company.