NFRA Unveils Four Audit Quality Inspection Reports for CA Firms

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NFRA Flags Major Audit Shortcomings in Price Waterhouse, BSR, SRBC, MSKA Firms

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News18•16-03-2026, 19:15

NFRA Flags Major Audit Shortcomings in Price Waterhouse, BSR, SRBC, MSKA Firms

•National Financial Reporting Authority (NFRA) issued four audit quality inspection reports covering seven chartered accountant firms.
•Reports on Price Waterhouse firms highlighted irregularities in audit procedures, independence issues, and non-compliance with Ind AS 36, SA 550, SA 570, and Ind AS 24.
•BSR & Co firms, while generally compliant, need to strengthen policies on non-audit services and root cause analysis; one audit engagement showed insufficient evidence.
•SRBC & Co LLP requires improved monitoring for firm-wide independence and proper audit procedures for related party transactions.
•MSKA & Associates LLP must strengthen controls over non-audit services, ensure mandatory re-sign-off for modifications, and enhance audit evaluation for revenue/receivables.

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