Regulators tighten the scrutiny processes over the Global auditing firms to avoid any mishaps or wrong doing. The move is expected to give an opportunity to Indian audit firms and to fill the gaps allegedly misused by the big four..
Prime Minister Narendra Modi has also spoke on the need for Indian audit firms growing to join the ranks of global giants.
There have been various instances where the role of global auditing firms, including PricewaterhouseCoopers (PwC), was in the regulatory crosshairs for alleged lapses.
SEBIhas been probing the role of PwC for alleged negligence and lapses in a nearly decade-old corporate fraud case involving Satyam Computer Services.
“Besides stricter norms, the government has to play an important role and take measures to create such an environment in our country so that big business houses start engaging Indian CA firms,” chartered accountant (CA) Vijay Kumar Gupta, Central Council Member, ICAI, observed.