The Ministry of Corporate Affairs has been in discussions with various audit firms, including representatives from the Indian affiliates of the “Big Four”, to streamline the process for their expansion in India. Audit firms have proposed adjustments to domestic networking guidelines, advocating for partnerships between Indian chartered accountants (CAs) and global counterparts, and enabling multi-disciplinary partnerships. Finance Minister Nirmala Sitharaman has urged the Institute of Chartered Accountants of India (ICAI) to establish an Indian auditing firm to rival the Big Four.
Ministry Engages with Audit Firms to Facilitate Expansion and Global Networking
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