NFRA to seek views from Big 5 audit cos on second draft inspection report

The NFRA report highlights serious violations of Section 144 of the Companies Act, which bans firms from offering certain non-audit services to their audit clients

The National Financial Reporting Authority (NFRA) will soon seek comments from Big Five audit companies and share its second draft inspection report assessing whether they have incorporated the suggestions it made in the last financial year, according to people in the know.

Sources said the NFRA has found that the firms have taken steps to improve audit quality, but it has pointed out a larger scope for improvement.

The authority is also in the process of finalising the reports of three other audit firms that are facing their first inspections this year. The reports would be shared with the