Faced with stiff competition from the multinational accounting and auditing firms, mainly the Big Four, the Institute of Chartered Accountants of India (ICAI) is planning to organise the Indian auditing and accounting sector. The apex accounting regulator is contemplating capacity building and consolidating smaller firms to give competition to the multinational firms like KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers.
For the purpose, the institute is calling a meeting of bigger Indian firms for discussing the consolidation strategy.
“We would be calling a meeting of bigger domestic firms and will ask them what role they can play in building small and medium practitioners of the country. We want to know how can they help in capacity building…Big multinational firms have sophisticated tool kits, research and resources…Indian firms need to come together and consolidate,” ICAI president Amarjit Chopra told The media.