Audit watchdog set to widen inspections
NEW DELHI : India's top eight auditors will be inspected and the financial statements of up to 60 of their clients vetted this year, as the national audit watchdog widens efforts to enhance audit quality countrywide. The National Financial Reporting Authority (NFRA) which last year inspected five auditors, involving audit reports of 24 clients, is planning to expand the exercise, a person informed about the development said. “This year, inspections would be done on eight audit firms and in the case of audit firms inspected last year, audit documentation of a different set of audit clients will be examined.
The reports would be brought out by end of December," the person cited above said on condition of anonymity. Also read: NFRA flags gaps in statutory audits done by top audit firms Covering the clients of top audit firms is expected to capture the areas where accounts and audits may need specific attention of the management, audit committees and audit professionals for making improvements. An email sent to the NFRA on Wednesday seeking comments remained unanswered at the time of publishing.
The audit regulator had conducted inspections at five top auditors—Deloitte Haskins & Sells LLP, SRBC & Co. LLP, Price Waterhouse Chartered Accountants LLP, BSR & Co—last year. The reports were released in December.
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