NFRA Issues Inspection Reports on 2 Audit Firms, Highlights Deficiencies and Recommends Enhanced Compliance and Quality Control
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- Last Updated on 23 December, 2024
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The National Financial Reporting Authority (NFRA) issued 2023 inspection reports for M/s BSR & Co. LLP and M/s Lodha & Co. LLP, highlighting deficiencies in audit quality and compliance systems. For BSR & Co., improvements in governance and documentation were noted, but gaps in verifying related party transactions and compliance with the Companies Act, 2013, were identified. Lodha & Co.’s inspection acknowledged progress in some areas but revealed issues with audit documentation, independence declarations, and engagement quality control reviews. NFRA emphasized the need for both firms to address these shortcomings, adopt better technology, and enhance quality control to ensure compliance with auditing standards.
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