Walker Chandiok News Today

The regulator will also gauge the Big Fives compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of which they are the statutory auditors, one of the persons said.

In recent times, more and more audit firms have challenged company ma­nagements, some going to the extent of resigning on the ground of incompatibility with what the manage­ment wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the Nat­io­n­al Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watch­dog has turned the spotlight on audit firms themselves.

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.

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 Netwo...

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.

Are auditors the only ones responsible for reporting corporate fraud? While regulators expect them to take a more active role and more measures are in the offing, where does the buck stop? - Issue Date: Nov 26, 2023

The regulator has requested files and communications related to its audits on some of the companies controlled by billionaire Gautam Adani going as far back as 2014, the people said.

The National Financial Reporting Authority (NFRA) in India has launched an inquiry into EY member firm S.R. Batliboi, one of the longtime auditors of the Adani Group, according to sources. NFRA has requested files and communications related to the audits of Adani Group companies dating back to 2014. It is unclear how long the inquiry will take or what consequences it may have.

He was alluding to EKI Energy Services that had previously been in the news for queries raised by its former auditors.