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Why is NFRA report on IL&FS and ITNL forcing the Indian auditing industry to bring in more transparency

SRBC & Co has resigned as the auditor of IL&FS. It comes after the Audit regulator National Financial Reporting Authority, in its audit quality review report in the case of IL&FS Transportation Networks Limited (ITNL), has pulled up SRBC & Co, part of EY India network, and said that appointment of the firm was "illegal and void" under the standards of auditing (SAs). ET's Sachin Dave explains what fresh investigations mean for the Indian auditing industry. Watch

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