Indian authorities are now pushing to place a multiple year ban on KPMG and Deloitte.
While KPMG is represented in the country by BSR & Associates, Deloitte Haskins Sells is the local unit of Deloitte in India.
India’s corporate affairs ministry said there were lapses in the audit work KPMG and Deloitte’s affiliates did for a unit of Infrastructure Leasing & Financial Services (IL&FS).
However, the two companies have denied wrongdoing.
Reuters News quoted Deloitte saying “is confident that it has been thorough and diligent in the performance of its duties as an auditor. The firm stands fully for its audit work which has been conducted in full compliance with the professional standards in India.”
It, however, said it will cooperate with investigations.
BSR told Reuters that: “audit of IFIN was performed in accordance with the applicable auditing standards and legal framework”, adding it would defend itself “in accordance with the law”.