Government wants Competition Commission of India to probe into Big Four accountants: Srcs

Government wants Competition Commission of India to probe into Big Four accountants: Srcs

In big news, the government wants Competition Commission of India (CCI) to assess whether the so-called “Big Four” auditing firms--PwC, EY, Deloitte and KPMG-- and their affiliates are hurting competition in any manner, a senior official told Reuters.

AgenciesUpdated: Monday, July 22, 2019, 09:22 PM IST
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New Delhi: In big news, the government wants Competition Commission of India (CCI) to assess whether the so-called “Big Four” auditing firms--PwC, EY, Deloitte and KPMG-- and their affiliates are hurting competition in any manner, a senior official told Reuters. These firms do auditing work for almost 60% of the top 500 companies that trade on NSE, says NSE Infobase. The antitrust body needs to conduct a survey or an investigation to assess whether the Big Four are abusing their dominant position in the Indian audit market, said the government official.

Ministry of Corporate Affairs, which holds that view, is yet to send any formal request to the CCI to probe the matter, said the official. “If you look at the top 500 companies in India, they are totally dominant and the Big Four seem to be sharing the work ... whatever be the reason there seems to be entry barriers,” the official told reporters. “The CCI should look into the dominance of these four global auditors and whether they are thwarting competition.”

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