The National Financial Reporting Authority (NFRA) will soon seek comments from Big Five audit companies and share its second draft inspection report assessing whether they have incorporated the suggestions it made in the last financial year, according to people in the know.
Sources said the NFRA has found that the firms have taken steps to improve audit quality, but it has pointed out a larger scope for improvement.
The authority is also in the process of finalising the reports of three other audit firms that are facing their first inspections this year. The reports would be shared with the firms for their comments as well, the sources said.
All final reports, which will include comments from the audit firms, are expected by the end of November.
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