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Chartered accountants' apex body ICAI has sought explanation from audit firms that carried out statutory audit works of crisis-hit IL&FS group in the past few years. The crisis at diversified IL&FS, following loan defaults by some group entities, has raised concerns about liquidity crunch in the financial system. Against this backdrop, the government seized control of the IL&FS board earlier this month. The Institute of Chartered Accountants of India (ICAI) Wednesday said it has issued notices to audit firms that conducted statutory audit works of IL&FS group in the past few years. However, specific details were not disclosed. In the recent past, there has been news reports regarding diversion of loan money in IL&FS and its subsidiary companies, the ICAI said in a statement. "The Disciplinary Directorate of the ICAI, upon coming across such news report has suo moto taken cognisance of the matter and pro-actively issued notices to the statutory auditors on October ..

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