Government discusses roadmap for creation of global network of Indian CA firms
The Institute of Chartered Accountants of India (ICAI) has held discussions with Secretary, Ministry of Corporate Affairs (MCA) on the ‘Aggregation of CA Firms’ and the roadmap to create big Indian firms. Earlier in May, Finance Minister Nirmala Sitharaman had said that the ICAI should take it as a challenge to set up an Indian ‘big four’ and seek global clients.
The interactive session of the ICAI and MCA, held recently, saw active participation of large, medium and small firms in the CA profession.
It is a matter of fact that majority of Indian companies’ Audit work is controlled by ‘big four’ firms (EY, PwC, Deloitte, KPMG). In recent times, audit quality of these big firms is under scanner of National Financial Reporting Authority (NFRA) following various instances of laps on part of these firms.
