NFRA to issue inspection reports of 10 audit firms this fiscal

New Delhi, Feb 26 (PTI) The National Financial Reporting Authority (NFRA) will issue inspection reports of 10 audit firms by the end of this financial year, according to officials.

The regulator was set up in October 2018 under the companies law.

Since starting operations, the watchdog has issued 12 inspection reports of various audit firms.

Officials said the regulator is in the process of finalising the inspection reports of the 10 audit firms.

The reports would be issued this fiscal ending March 31, they added.

NFRA has been taking steps to boost sound financial reporting practices, and is also taking action against auditors for auditing lapses.

In its latest newsletter, the regulator said the inspections for the year 2024 were embarked upon in March 2025 and that five inspection teams initiated the current year's inspection cycle covering 10 audit firms, including big 6 audit firms.

"Apart from firm-wide SQC compliance, a total of 42 audit engagements are being covered. A large number of planned on-site inspection visits and walk-throughs of audit engagements have been completed, with the process to be completed for this round of inspection within the current financial year," it said.

SQC refers to Standard on Quality Control. PTI RAM HVA