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Are the Big 4 audit firms still perceived to be the Best audit firms in India or call itself a Top chartered accountant firm in India?

Are the Big 4 audit firms still perceived to be the Best audit firms in India or call itself a Top chartered accountant firm in India? Back

Are the Big 4 audit firms still perceived to be the Best audit firms in India or call itself a Top chartered accountant firm in India?

 

Finding an International tax consultant and advisor in Delhi is easy, but finding the best amongst them is hard. Same is in the case of a Statutory Audit firm in Delhi, it is difficult to choose. This is because Delhi NCR houses some of the best audit firms in India. This is not a surprise since Delhi being the capital of India, is bound to have excellent services. However, nothing matches the expectations of big four audit firms as they continue to be perceived as the best audit firms in India.

 

These audit firms remain the market leaders in billing among the statutory audit firm in Delhi. They compete alone to for the position of the best International tax consultant and advisor in Delhi. Having a large pool of manpower, ability to regulate the resources, and other organizations in their favor given their financial growth and influence in the industry.

Are the Big 4 audit firms still perceived to be the Best audit firms in India or call itself a Top chartered accountant firm in India?
  • Their clients are well-established corporations, both the public and the private. Elaborating on these reasons:

    • Multiple services: These firms offer a myriad of services such as auditing, actuarial, assurance, taxation advisory, management consulting, corporate financing, and legal services. This makes them more preferable by clients since they are a complete package in true sense. This increases their financial power, attracting adroit and diligent employees from everywhere, making them more and more potent at the core.
    • Lack of competition: A significant factor that contributes to the impact of the big 4 audit firms is the lack of competitive indigenous audit firms. There is a severe lack of a reliable alternative Indian auditing firm for corporates to consult. Given the current status of the 4 big audit firms where they hold around 60% of the shares in the Indian market collectively.
    • Mergers: Business ventures and mergers with several small auditing firms or their acquisition remain the salient tools of their expansion. This is the practice where the affiliate the local or indigenous auditing firms. They simply provide a brand to these firms. This allows those local firms to get a chance to audit global corporations, which otherwise their low status would not have allowed them to.
    • Technology: The big four audit firms also provide technology to the local audit firms which agree to merge with them. The technological investment by these giants is crucial for the small scale audit firms to ensure efficiency in work. Thus, mergers seem more lucrative than unaffiliated working. The local audit firms thus can grow rapidly and profit under the brand name while the big four audit firms can eliminate competition. Additionally, the marketing strategies of these firms far exceed those of others.

    Statutory Audit firm in Delhi

    However, given the plan of the current government to make India more self-reliant, the government is considering to restrict these international giants from having such an immense influence on the market. This would demand a significant upliftment of Indian finance auditing firms. Policymaking would be crucial but not enough. Organization among indigenous firms and assistance from influential Indian corporates are the key factors here. With some of the scams in recent Indian history, the role and the credibility of some of the big accounting firms is being questioned. This is an alarm for the Chartered Accountant’s profession to be ready for a new future and for the Indian firms to upscale themselves with both knowledge and technology. The talent embedded in the smaller firms has never been the issue. It would mean that either they become a multi-disciplinary firm or choose to be a highly specialized firm with a niche in any of the area of their domain expertise.