The National Financial Reporting Authority (NFRA) is expected to commence its annual inspection of large audit firms, including the Big Four, from October-end with a focus on whether the firms have taken corrective steps after then regulator flagged issues related to related party transaction (RPT) disclosures and documentation.

“The inspection will start from October-end. The audit firms have been informed about it through a formal communication ,” said an official.

Increased scrutiny on non-audit services and independence

The official said that the regulator will ask for more disclosures from the firms this year, especially pertaining to their work in non-audit space to investigate any possible instances of violations.

“In 2024, some firms didn’t divulge information related to th

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