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Policy and regulations

Thermometers can’t prevent heart attacks: Big Four flay proposals on ‘dominance’, joint audit

Deloitte, KPMG, and other large firms oppose most of the key measures proposed in a controversial discussion paper floated by the Ministry of Corporate Affairs last month. The auditors say the focus should be on making the smaller firms big and improving quality, rather than breaking down the bigger ones through limits and quotas.
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nsundareshasubramanian
23 Mar 2020 14 Mins Read 3 comments
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The Big Four accounting firms, under scrutiny following a series of financial failures — IL&FS, DHFL, and now Yes Bank — have strongly opposed amendments proposed by the government in their regulatory framework. In February, the Ministry of Corporate Affairs (MCA) floated a consultation paper seeking views from stakeholders on potential amendments to the laws to enhance audit
comments by MCA secretary Injeti Srinivas that “one size fits all” might not solve the issue and that a “nuanced approach” is need of the hour. With some proper data analysis and clear determination of policy outcomes, Srinivas and his team might be able to tailor a magic suit that fits everyone. ( Graphics by Mohammad Arshad)
The Big Four accounting firms, under scrutiny following a series of financial failures — IL&FS, DHFL, and now Yes Bank — have strongly opposed amendments proposed by the government in their regulatory framework. In February, the Ministry of Corporate Affairs (MCA) floated a consultation paper seeking views from stakeholders on potential amendments to the laws to enhance audit comments by MCA secretary Injeti Srinivas that “one size fits all” might not solve the issue and that a “nuanced approach” is need of the hour. With some proper data analysis and clear determination of policy outcomes, Srinivas and his team might be able to tailor a magic suit that fits everyone. ( Graphics by Mohammad Arshad)

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