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NFRA finds certain lapses in audit quality of Walker Chandiok & Co

NFRA finds certain lapses in audit quality of Walker Chandiok & Co
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GT audit lapses: NFRA flags audit lapses by Walker Chandiok, releases inspection report

The National Financial Reporting Authority (NFRA) has issued an inspection report on audit firm Walker Chandiok & Co LLP (WCCL), highlighting lapses such as the lack of integration between electronic and paper files and the provision of non-audit services prohibited under the Companies Act, 2013. The report also highlighted the existence of related entities of WCCL, Grant Thornton Bharat LLP (GTBL), Grant Thornton Advisory Private Ltd (GTAPL) which are part of a large global "GTIL Network" as per the standard on Quality Control (SQC) 1.

Coming soon: NFRA s reports on top 5 auditors

The critical assessments based on inspections carried out a first-of-its-kind exercise by NFRA cover five firms: Price Waterhouse Chartered Accountants, Deloitte Haskins and Sells, BSR & Co., S.R. Batliboi & Co., and Walker Chandiok & Co.

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