"I am deeply convinced that in terms of access to the talent pool and capability, engineering in India is at the centre of success of the group and definitely key, in terms of our ability to provide competitive services to clients. India is also important in terms of developing all our sectoral knowledge and innovation," Aiman Ezzat said.
According to a survey by Institutional Investor Advisory Services of 63 large investors and sell-side analysts numbering 89, conducted online between April 13-21, as much as 57 per cent of each of them have found "the Big-4 audit firms having lost their credibility with investors and are therefore open to move beyond them if they were banned".
According to multiple sources, the leaders in the fray are Gautam Mehra, the head of tax and regulatory business, Deepankar Sanwalka, the firm’s advisory business leader, Sanjeev Krishan, who oversees the deals and transactions-related businesses, Sanjay Tolia, who currently drives the markets and outreach initiatives and S Vivek, the audit head.
The Centre plans to contest in the apex court a Bombay High Court ruling that disallowed a government petition that had sought to take action against Deloitte and KPMG-affiliate BSR & Associates LLP, auditors of the crisis-hit IL&FS Financial Services (IFIN).
The Bombay High Court on Tuesday ruled the ministry of corporate affairs (MCA) cannot take action against auditors over their role in the alleged financial irregularities at IFIN in a major relief to Deloitte and BSR & Associates LLP.
The Bombay High Court said that the Ministry of Corporate Affairs (MCA) can’t take action against the two.
Private labs, which had termed the Rs 4,500 cap as being on the ‘moderate side’, objected to the order as there was no clarity regarding reimbursement for the free tests.
Several industry bodies have told the government that the existing framework in this regard is adequate and benchmarked with the best global practices.
With the new announcements, Deloitte’s partner tally crosses 480. The promotions were across the five verticals — audit, tax, consulting, financial services and risk— but audit division saw the maximum number of partner induction (over 10).
PwC India is deferring promotions, increments and bonuses for all its employees in India due to Covid impact.
According to the report by Centre for Economic Policy Research (CEPR), a rapid increase in the volume of data requires auditors to be equipped with the latest available technological tools to analyse a much higher volume of data in their audits than previously required.
“Grant Thornton has already started scrutinising documents related to transactions,” said one of the persons in the know. “The existing administrators want to make things transparent so that the matter does not impact the valuation of DHFL assets.”
The central bank has been in touch with auditor BSR & Co., which is a part of KPMG India, over the past few months. But the central bank will now specifically look at whether the auditor had issued any warnings over the past 12 months. Officials aware of the central bank’s plans told ET that RBI officials had already held meetings with Yes Bank’s new audit committee.
The Big Four employ about 200,000 in India. On average, around 40% are women. Clients of the Big Four are pressing for better diversity at workplaces to make them future-ready, a senior partner with a Big Four firm said. However, women in leadership roles cannot be increased overnight, countered another senior executive.
The company, which had set up its first office in 2004, has nearly 250 employees in the country and looks to hire more technology professionals here as they see a talent war at their headquarters in the US, said Kurt Gresens, managing partner, Wipfli. The consulting firm said it would expand its offices here at a bigger facility at a technology park in the southwestern part of Bengaluru.
A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors. The appellate tribunal, however, granted a relief to both auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks.
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