Friday 17 January 2020
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business-standard - 1 month ago

Audit firms eye global tie-ups to upgrade skills, build bandwidth

With an aim to upgrade skills and build their bandwidth, an increasing number of domestic audit firms are looking for global tie-ups to take on multinational giants in the sector. The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates. There has been a significant jump in the number of mid-sized Indian audit firms looking for global tie-ups in the recent past. More than a dozen such firms have approached various global players in past few weeks, said a consultant who is helping local firm scout for a foreign partner. The primary reason being cited is the growing complexity in businesses, which auditors must understand to deliver a high-quality audit, compounded by the fear of stringent action by regulatory and investigating agencies for negligence or collusion by them in cases of corporate frauds and business failures. In recent times, there has been a spate of actions against ...

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