Deloitte Haskins & Sells LLP (DHS) failed to meet auditing standards when it reviewed the books of IL&FS unit IL&FS Financial Services (IFIN) for 2017-18, the National Financial Reporting Authority (NFRA) concluded. DHS and KPMG affiliate BSR & Associates jointly conducted the 2017-18 audit. The audit watchdog said it would separately decide whether to initiate disciplinary action against DHS.