National Financial Reporting Authority | 01 Jul 2024

Source: BS

Recently, the National Financial Reporting Authority (NFRA) has started inspection of the audit arms of Big-5 firms.

• Big-5 firms include BSR & Co, Deloitte Haskins & Sells, SRBC & Co, Price Waterhouse Chartered Accountants and  Walker Chandiok & Co.
  • The "audit arms" are responsible for conducting audits of the company's financial statements. 
• Its early reports suggest that most of these firms have already taken steps to segregate their audit and non-audit services.
• The report highlighted the need for areas of weaknesses to be treated as potential areas for improvement.
• National Financial Reporting Authority (NFRA):

Read more: National Financial Reporting Authority