Deloitte stops non-audit services to public entities

FPIs invest over `24,600 cr in first half of Feb.

Foreign portfolio investors remained net buyers in the first half of February by investing a net Rs 24,617 crore in the markets due to positive sentiments post-Budget and the RBI decision to maintain an accommodative stance in the latest policy review. As per the depositories' data, FPIs pumped in a net Rs 10,426 crore into equities and Rs 14,191 crore into the debt segment between February 3 and 14.

New Delhi, Feb. 16: Auditing major Deloitte Haskins & Sells and its network firms in India will no longer offer nonaudit services to public interest entities that they audit in the country, the company said on Sunday.

The announcement by Deloitte comes days after another audit firm Price Waterhouse Network of Firms in India said they will no longer provide nonaudit services to their audit clients that are governed by the National Financial Reporting Authority (NFRA).

In a statement, Deloitte said this voluntary action is in the spirit of self-regulation and extends beyond nonaudit services permissible under prevailing rules and regulations in India.

"We believe this would increase the public's confidence in auditor independence and quality and will remove ambiguity in a public and business environment that demands greater clarity about our services," a spokesperson from Deloitte said.

The jurisdiction of the NFRA—an oversight body for auditors— extends to all listed firms and large unlisted public companies. —PTI