The future of audit firms in India: It's expectation versus reality

Audit is in an unprecedented period of crisis, needing the profession to step up, said Vishesh C Chandiok CEO of Grant Thornton India

The chief executive officer (CEO) of Grant Thornton India, Vishesh C Chandiok, recently announced that the company would no longer be doing non-attest services such as consulting, transaction advisory and valuations for audit clients out of India. “Audit is in an unprecedented period of crisis, needing the profession to step up,” Chandiok said on Twitter, while announcing the firm’s decision to have a complete ban on such non-attest services.

Grant Thornton’s decision to place the ban is to do away with the perception that auditors compromise on their independence and objectivity just to get such non-attest services, said David Jones, partner