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
article-image

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.”

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

RBI Extends Deadline To Exchange ₹2,000 Banknotes To October 7; Will Continue To Remain Legal...

RBI Extends Deadline To Exchange ₹2,000 Banknotes To October 7; Will Continue To Remain Legal...

Azad Engineering Files ₹740 Cr IPO Papers With SEBI

Azad Engineering Files ₹740 Cr IPO Papers With SEBI

Domestic Natural Gas Prices Raised For October

Domestic Natural Gas Prices Raised For October

KPIL Receives New Orders Of ₹ 1,016 Crores

KPIL Receives New Orders Of ₹ 1,016 Crores

Indus Towers Inks Pact With IOC Phinergy For Clean Energy Systems Based On Aluminium-Air Tech

Indus Towers Inks Pact With IOC Phinergy For Clean Energy Systems Based On Aluminium-Air Tech