The National Financial Reporting Authority (NFRA) on Friday found certain lapses in the auditing-related activities of audit firm Walker Chandiok & Co LLP during detailed audit quality inspections. The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in December last year and covered various aspects, including a review of firm-wide quality controls to evaluate their adherence to Standards on Quality Control (SQC-1) and review of selected audit documentation of the annual statutory audit of financial statements for the year ended March 31, 2021, as per the order. The regulator has flagged several deficiencies, where the audit firm failed to adhere to some of the prescribed 'client acceptance and continuance' prerequisites, including verifying the client's integrity and recording the resolution of concerns. NFRA observed that there was a discrepancy between the disclosures made by Walker Chandiok & Co LLP (WCCL) and Grant Thornton Bharat LLP (GTBL)
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