Role of Auditor in Axis Bank and Yes Bank case

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Recently Axis & Yes have jolted the banking community with their result.

As per a report in The Wire, both Axis Bank and Yes Bank were audited by the same person, CA Viren H. Mehta (membership number 048749) in FY’2016.

Mehta is a partner at Batliboi and Co., which in turn is a member firm of Ernst & Young.

Source: Business Standard

Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator.

A detailed report: https://thewire.in/138498/auditor-extraordinaire-the-curious-case-of-npa-underreporting-in-india/