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National Financial Reporting Authority (NFRA) Unveils Audit Quality Inspection Findings on Deloitte, PwC, EY and KPMG Network Entities The National Financial Reporting Authority (NFRA) has disclosed a series of deficiencies in the auditing-related activities of the network entities belonging to the esteemed Big 4 - Deloitte, Haskins Sells LLP, BSR Co LLP, SRBC Co LLP, and Price Waterhouse Chartered Accountants LLP. NFRAs detailed audit quality inspections, initiated in December of the prev
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FAQ :
The NFRA conducted inspections on network entities of Deloitte, PwC, EY, and KPMG.
Deficiencies included lapses in compliance and quality control, such as inadequate risk reassessment, lack of formal documentation for governance, and issues with audit documentation integrity and independence.
NFRA found six deficiencies, including a failure to reassess and recategorize audit risk in one engagement.
NFRA identified six observations, including the absence of formal documentation regarding the firm's governance and management structure, and inadequate details on network entities and non-audit services.
Concerns were raised over policies and procedures related to audit documentation integrity, with independent policies not fully recognising relationships between SRBC and its network members.
NFRA's observations focused on the absence of documented rationale or criteria for selecting specific audit areas during the internal quality monitoring process.
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