Planning to audit more firms, increase capacity: NFRA chairperson

Next year, NFRA will shortlist 12 firms for inspection and in the next 4-5 years it plans to inspect 20-30 firms every year

The National Financial Regulatory Authority (NFRA), an audit watchdog set up by the government in 2018, is planning to increase the number of audit firms it inspects annually to around 30, its chairperson Ajay Bhushan Pandey told Business Standard.

NFRA will also cover financial statements of four companies per audit firm in keeping with international standards, the chairperson said.

The watchdog, which has the authority to probe CA firms and CAs, would inspect eight firms in this financial year and increase it to 12 in the next year.

And to meet this challenge, NFRA is planning to more than double