Health check for healers: The big audit firms are under the NFRA lens

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. These firms are perceived to be the eyes and ears of non-promoter investors.

The NFRA on December 22 released the inspection reports for audit firms BSR & Co, Deloitte Haskins & Sells, SRBC &