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NFRA AUDIT DEFICIENCIES
Inspection reveals shortcomings of auditor affiliatesRegulatory inspection reports highlight concerns about auditor independence, quality control deficiencies, and conflicts of interest among ...29 Mar, 2025, 12.17 PM IST- NFRA's next inspection to target audit firms with large client baseThe NFRA plans to focus on auditing firms with significant listed company audits, using data analytics to detect potential issues. Chairman...28 Feb, 2025, 12.01 AM IST
- NFRA flags deficiencies in audit works by 2 PwC firmsThe National Financial Reporting Authority identified shortcomings in audits by Price Waterhouse Chartered Accountants LLP and Price Waterh...18 Feb, 2025, 08.51 PM IST
- NFRA detects shortcomings in MSKA’s audit of related party transactionsNFRA uncovered significant deficiencies in the audit practices of MSKA & Associates, particularly in related party transactions. The audit ...02 Jan, 2025, 10.40 PM IST
- NFRA flags deficiencies in BSR & Co's audit of related party transactionsThe National Financial Reporting Authority (NFRA) identifies significant deficiencies in BSR & Co LLP's audit practices, focusing on relate...24 Dec, 2024, 10.43 PM IST
- NFRA set to release first annual audit firm reports, focuses on compliance and transparencyNFRA plans to release inspection reports on major audit firms by mid-November after finding improvements but noting more work needed. Annua...21 Oct, 2024, 11.36 PM IST
- NFRA's plan to revise auditing std SA 600 'surprising'; need more time for consultations: ICAIICAI has requested NFRA to pause proposed changes to auditing standard SA 600 for group audits, citing concerns over the impact on small an...20 Sep, 2024, 05.27 PM IST
- NFRA slaps Rs 10-cr penalty on BSR & Associates in Coffee Day case, debars two auditors“The foregoing discussion in this order is replete with the instances of the lapses in audit, the infraction of the law and non-adherence t...19 Aug, 2024, 11.48 PM IST
- First NFRA annual report on eight audit firms by NovemberThe National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Fiv...19 Jun, 2024, 01.05 AM IST
- NFRA to engage with some big listed companies on audit complianceThe regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others o...27 May, 2024, 12.46 AM IST
- Top auditors stop offering non-audit work to clientsTop audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit se...11 Mar, 2024, 12.43 AM IST
- NFRA's first annual inspection of key audit firms to start by AprilThe regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged defi...17 Feb, 2024, 01.27 AM IST
- NFRA plans annual auditor checksThe regulator's plan comes after it released, late in December 2023, inspection reports on deficiencies in the audit processes of major fir...09 Jan, 2024, 07.29 AM IST
- NFRA finds certain lapses in audit quality of network entities of Big 4The inspections of the audit firms were started in December last year and covered various aspects, including review of firm-wide quality co...23 Dec, 2023, 01.09 AM IST
- RBI proposes changes in wilful defaulter normsThe Reserve Bank of India (RBI) has proposed tighter norms for the treatment of wilful defaulters, requiring banks and lenders to examine a...21 Sep, 2023, 08.34 PM IST
- Dear chartered accountants, wake up and smell the coffeeAs reporting entities, professionals have to undertake KYC (know your customer) of all clients entering these transactions and maintain the...08 May, 2023, 09.56 AM IST
- IL&FS Financial Services: NFRA finds lapses in 2017-18 statutory auditNew Delhi, Aug 17 () The National Financial Reporting Authority (NFRA) has found various lapses in the statutory audit of IL&FS Financial S...17 Aug, 2020, 04.50 PM IST
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