India Business News: NEW DELHI: The audit and non-services offered by the Big Four network and other firms to their clients are under the lens of the National Financial Re.
The National Financial Reporting Authority (NFRA) is investigating audit and non-audit services provided by the Big Four and other firms to clients. NFRA has raised concerns about conflict of interest and independence issues, leading to disciplinary actions. Violations include exceeding the revenue limit for non-audit services and breaching the cap on revenue from a single client.
NFRA finds certain lapses in audit quality of Walker Chandiok & Co devdiscourse.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from devdiscourse.com Daily Mail and Mail on Sunday newspapers.
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.
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.