New Delhi, February 26 The National Financial Reporting Authority (NFRA) will issue inspection reports of 10 audit firms by the end of this financial year, according to officials.
The regulator was established in October 2018 under the Companies Act.
Since its inception, the watchdog has issued 12 inspection reports of various audit firms.
Officials said the regulator is in the process of finalizing the inspection reports of the 10 audit firms.
The reports will be issued in this fiscal ending March 31, they added.
NFRA has been taking steps to promote sound financial reporting practices, and is also taking action against auditors for audit lapses.
In its latest newsletter, the regulator said that inspections for the year 2024 were initiated in March 2025, and that five inspection teams had initiated the current year's inspection cycle covering 10 audit firms, including the six largest audit firms.
"In addition to firm-wide compliance with SQC standards, a total of 42 audit engagements are being covered. A large number of planned on-site visits and walkthroughs of audit engagements have been completed, with the process to be completed for this round of inspection within the current financial year," it said.
SQC refers to the Standard on Quality Control.