Audit Regulator NFRA Directs PwC, EY, BDO Affiliates to Enhance Systems After Lapses
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NFRA Flags Major Audit Lapses, Demands Reforms from PwC, EY, BDO Affiliates
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Moneycontrol•16-03-2026, 17:23
NFRA Flags Major Audit Lapses, Demands Reforms from PwC, EY, BDO Affiliates
•National Financial Reporting Authority (NFRA) released four audit quality inspection reports targeting affiliates of PwC, EY, BDO, and KPMG.
•Reports highlight systemic audit lapses and demand strengthening of independence protocols, internal governance, and monitoring of non-audit services.
•Price Waterhouse & Affiliates’ Network (PwC) flagged for independence breaches, Ind AS 24 non-compliance, and inadequate arm’s length assessment of loans.
•MSKA & Associates (BDO) needs to strengthen controls for non-audit services, formalize Whistleblower Committee, and improve training and audit evaluation.
•BSR & Affiliates Network (KPMG) and SRBC & Co (EY) also cited for needing stronger policies on non-audit services, root cause analysis, and independence monitoring.
