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NFRA to Release New Investigation Findings on Top 10 Audit Firms Next Month
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The National Financial Reporting Authority (NFRA) is set to publish quality inspection reports for India's top 10 audit firms, including the Big Four, by March 2026.
The National Financial Reporting Authority (NFRA) will release the inspection reports on the top 10 audit firms, including the Big Four, by the end of March 2026, according to a senior official.
“The inspections this year focus on areas like revenues and loan & advances,” the person added, requesting anonymity. The regulator published 12 probe reports of audit firms since it began the exercise in 2023.
“Bigger firms like BSR & Co, SRBC & Co, PWCA, Deloitte Haskins & Sells, Walker Chandiok & Co and MSKA & Associates have a combined market share of about 60%, so we inspect them annually. Oversight is necessary due to their size. Beyond these six firms, we pick up others intermittently. We have added four new audit firms this year,” said the official.
Typically, inspection reports consist of a firm-wide quality inspection covering areas like leadership, governance, and independence. The other part is the inspection of individual audit engagements for these firms. The official noted an improvement in the overall quality of work within these audit firms.
The National Financial Reporting Authority (NFRA) will release the inspection reports on the top 10 audit firms, including the Big Four, by the end of March 2026, according to a senior official.
“The inspections this year focus on areas like revenues and loan & advances,” the person added, requesting anonymity. The regulator published 12 probe reports of audit firms since it began the exercise in 2023.
“Bigger firms like BSR & Co, SRBC & Co, PWCA, Deloitte Haskins & Sells, Walker Chandiok & Co and MSKA & Associates have a combined market share of about 60%, so we inspect them annually. Oversight is necessary due to their size. Beyond these six firms, we pick up others intermittently. We have added four new audit firms this year,” said the official.
Typically, inspection reports consist of a firm-wide quality inspection covering areas like leadership, governance, and independence. The other part is the inspection of individual audit engagements for these firms. The official noted an improvement in the overall quality of work within these audit firms.
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