NFRA BEGINS INSPECTIONS OF FIVE AUDIT FIRMS

Audits

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18th December,2022

The National Financial Reporting Authority (NFRA), the country’s sole independent audit regulator, has started inspections of five audit firms. NFRA Chairman Ajay Bhushan Pandey said the inspections will take three weeks to complete and a draft report is expected before financial year end.

In November, NFRA had stated in its guidelines that inspections are intended to identify areas and opportunities for improvement in the audit firm’s system of quality control. Inspections will consist of firm-wide review of audit quality (SQC 1) and individual file reviews on test-check basis to evaluate the level of compliance with applicable auditing standards and quality control policy and processes. 

 

Go!