Breaking up the Big Four: Will having multiple auditors work for India?

British regulator Competition and Markets Authority’s recent recommendations to check the dominance of Big Four audit firms — Deloitte, EY, KPMG and PwC — in the UK market has stirred the hornet’s nest in the Indian audit fraternity.

Auditors are divided over one of the key recommendations to make joint audits mandatory for certain section of companies. While smaller and mid-sized audit firms are in favour of the move, larger firms and big corporates, expectedly, do not see any merit in the measure.

According to Girish Vanvari, founder, Transaction Square, joint audits are necessary to create checks and balances. “This can lead