NFRA Flags Audit Deficiencies at Price Waterhouse

The National Financial Reporting Authority has identified deficiencies in audits by Price Waterhouse Chartered Accountants LLP and Price Waterhouse & Co Chartered Accountants LLP. The 2024 audit quality inspections focused on financial reporting areas with high risk of material misstatement, and highlighted issues with independence policy compliance.

The National Financial Reporting Authority (NFRA) has spotlighted several deficiencies in the audits conducted by Price Waterhouse Chartered Accountants LLP and Price Waterhouse & Co Chartered Accountants LLP.

In 2024, NFRA performed quality inspections, revealing significant issues in areas like internal financial control over revenue reporting, related party transactions, and non-financial assets impairment. These areas were chosen for their inherent high risk of material misstatement, according to the report.

The authority criticized the lack of updates to the independence policy manual despite earlier recommendations. The deficiencies, particularly in verifying related party transactions, questioned the audits' quality and reliability.