<h1>NFRA Audit Report Finds SRBC Co LLP's IL&FS Audit Illegal; Significant Misstatements and Documentation Failures Highlighted.</h1> The National Financial Reporting Authority (NFRA) released an Audit Quality Review (AQR) report for IL&FS Transportation Networks Limited (ITNL) for the fiscal year 2017-18. The audit was conducted by SRBC Co LLP, whose appointment was deemed illegal. The audit firm failed to properly evaluate ITNL's use of the going concern basis and misvalued financial exposures of Rs. 3,346 crore. ITNL's losses were understated by Rs. 2,021 crore due to improper credit loss reversals and incorrect impairment valuation. Additionally, the audit firm failed to report material misstatements and maintain proper documentation, with the audit file's integrity being questionable.