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Tougher rules for audit firms

govt considering tougher rules for audit firms, including a cap on the number of listed companies they can examine.

In India, 70% of the about 1,800 companies that trade on the National Stock Exchange are audited by firms affiliated to EY, Deloitte & Touche, KPMG and PWC, according to Delhi-based Prime Database. Current rules stipulate that in ..
the Big Four in India operate through a network of local chartered accountants firms. One way for them is to partner as a member of a local firm. They can also allow their brand name to be used by sub-licensee of a member local firm. The ministry hasn’t decided if the cap on audits will be at the group level or on each member firm, sources said

The government is planning to expand the list of services which can’t be offered by statutory auditors under the Companies Act. Currently..

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