NFRA to Release Inspection Reports for 10 Major Audit Firms

The National Financial Reporting Authority (NFRA) plans to release inspection reports for 10 audit firms by the end of the current fiscal year. Established in 2018, NFRA aims to enhance financial reporting standards and address auditing deficiencies. Inspections for the 2024 cycle began in March 2025, involving extensive audits covering 42 engagements.

The National Financial Reporting Authority (NFRA) is set to publish inspection reports for 10 audit firms by the end of this fiscal year, officials have disclosed. Established in October 2018 under the companies law, NFRA has already issued 12 inspection reports. The ongoing process is expected to conclude by March 31.

NFRAs commitment to fostering robust financial reporting practices is underscored by its actions against auditors for lapses. The regulator's latest newsletter reveals that inspections for the 2024 cycle began in March 2025, involving five teams and covering 10 major firms, including the big six.

The inspection process spans 42 audit engagements, focusing on Standard on Quality Control (SQC) compliance. Numerous on-site inspection visits and audit engagement walk-throughs have been completed, with finalization expected by the end of the current financial year.

(With inputs from agencies.)