Big audit firms under the NFRA lens

In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign.

Now, the national accounting watch­dog has turned the spotlight on audit firms themselves. These firms are perceived to be the eyes and ears of non-promoter investors.