Find Accountancy, Audit and Tax expertise in India

Overview

There are many accountancy firms in India, with accountants present throughout all the major cities, predominantly working in small firms. The ‘Big Four’ accountancy firms also operate, however member firms are not allowed to change their names to match those of the international networks they belong to. This includes members of KPMG (BSR & Co), Ernst and Young (S.R.Batliboi & CO., S.R.Batliboi & Associates, S.V.Ghatalia & Associates), Deloitte (Deloitte Haskins & Sells, A.F Ferguson, S.B. Billimoria and Fraser and Ross) and PWC (Price Waterhouse, Price Waterhouse & Co., Love Lock & Lewes and Dalal & Shah). Auditing practice in India originates from the Companies Act of 1956, which requires shareholders to annually select auditors. If a company’s income exceeds a specified amount, this specific audit must be carried out alongside an additional tax audit, as specified by the Income Tax Act. In 2011 India adopted the International Financial Reporting Standards (IFRS) with regard to listed entities and other public interest entities. Continuing convergence involves negotiaion with the several regulators that are responsible for overseeing accounting standard-setting, including the National Advisory Committee on Accounting Standards, the Reserve Bank of India, the Insurance Regulatory and Development Authority, and the Securities and Exchange Board. Additionally, the Indian Income Tax Act will have to undergo significant change in order to converge with IFRS. In the World Economic Forum’s Global Competitiveness Report (2012-13) India came 44th in the world (out of 144 countries) in relation to the strength of its auditing and reporting standards, with a value of 5.0 out of 7, above the world mean of 4.6. In the 2011 World Bank’s Ease of Doing Business Index it placed 128th in the world (out of 183 countries) for resolving insolvency, below Bangladesh (107th), Nepal (112th) and Pakistan (74th).

Accountancy, Audit and Tax organisations in India
Karnataka State Chartered Accountants Association (REGD)