Tata’s sterling reputation for integrity and for upholding the highest standards of
ethical conduct was jeopardized in 2002 by a 900-page report issued by
A.F. Ferguson & Company (AFF), India’s largest accounting firm. AFF served as the
independent or statutory auditor for dozens of the member companies of the Tata
Group. One of the large Tata companies that AFF did not audit was Tata Finance
Limited, a Tata affiliate engaged in automobile financing, mortgage lending, and
consumer credit cards. Another of India’s largest accounting firms, S. B. Billimoria &
Co., served as Tata Finance’s independent auditor.