Grant Thornton India LLP (GT), the forensic auditor of IL&FS Engineering and Construction Co Ltd (IECCL), found several anomalies in the many projects undertaken by the company.
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Grant Thornton India LLP (GT), which was appointed to conduct forensic audit of IL&FS Engineering and Construction Co Ltd (IECCL), a unit of Infrastructure Leasing & Financial Services (IL&FS), found potential anomalies about lapse in internal controls in the company.
The auditor had shared five instances it came across during the forensic audit, out of which four issues were raised by senior officials of IECCL, including Naresh Penumetcha, chief internal auditor of the company. The lapse of internal control ranges from bidding process, inventory, non-recording of bills of sub-contractors, dues of suppliers, unbilled revenue billing, receivable and payables as well as buying poor quality material for various projects undertaken by the IL&FS group company.
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Grant Thornton India LLP (GT), which was appointed to conduct a forensic audit of IL&FS Engineering and Construction Co Ltd (IECCL), a unit of Infrastructure Leasing & Financial Services (IL&FS), shows lack of system and record to handle complaints raised by whistle-blowers. The forensic auditor identified numerous email communications that highlighted whistleblower complaints with regards to the business operations of IECCL.
GT says, during its review, it had identified multiple whistleblower complaints, which highlighted anomalies in the projects executed by IECCL.
However, based on the clarification dated 22 November 2019, we were informed by the representatives of IECCL that there were no whistleblower complaints received by IECCL during the review period. Thus, it appears unusual that even after multiple whistleblower complaints highlighting various issues in the projects, no documentation such as actions taken or investigation reports are available with the
/Impact Of Covid 19 On Floating Offshore Wind Power Market 2020 Industry Challenges Business Overview And Forecast Research Study 2026
Impact Of Covid 19 On Floating Offshore Wind Power Market 2020 Industry Challenges Business Overview And Forecast Research Study 2026
hccresearchMay 19, 2021
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The Floating Offshore Wind Power market report entails a comprehensive database on the future projections of the pivotal aspects of this industry vertical including market trends, current revenue, market size, and profit estimates. The research provides an outline of how the Floating Offshore Wind Power market will perform by highlighting the key factors influencing the market dynamics and growth rate of the industry over the forecast period. Furthermore, challenges deterring the market growth as well as the growth opportunities across regional terrains are elucidated in the report.