National Financial Reporting Authority (NFRA) to probe PwC\, quitting auditors

MUMBAI The National Financial Reporting Authority (NFRA) is investigating abrupt resignations of statutory auditors in the last few months, including PwC India that recently quit from GVK Power.

The regulatory body of auditors has stepped up action against erring auditors after India Inc was hit by a spate of frauds.

People in the know say NFRA is set to question PwC on whether the auditor had raised any red flags earlier in the reported results.

When contacted, a spokesperson for Price Waterhouse, part of PwC India, said, “We are unable to comment since we are bound by our confidentiality obligations.” NFRA did not respond to an ET query.

People close to the development said NFRA would issue a notice to PwC in the coming days seeking clarification regarding its audit of GVK.