NFRA report flags audit lapses at PwC firms, highlights related party transaction and independence concerns; firms commit to improvements

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The National Financial Reporting Authority (NFRA) has published its 2023 audit inspection report on Price Waterhouse Chartered Accountants LLP (PWCA) and Price Waterhouse & Co Chartered Accountants LLP (PW & Co CA), highlighting issues related to the verification of related party transactions and adherence to independence standards. In response, both firms have committed to making necessary improvements to their audit processes and policies.

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NFRA report flags audit lapses at PwC firms, highlights related party transaction and independence concerns; firms commit to improvements

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