HOME GROWN AUDIT FIRMS
Professional services companies add record partners as business booms
The professional services sector in India is experiencing significant growth, with top firms collectively amassing over 3,300 partners. EY stands out as the first firm to surpass 1,000 partners, driven by strong growth in advisory services post-Covid-19 disruptions. The Big Four firms reported combined revenue exceeding ₹39,000 crore, with a focus on expanding leadership to meet rising demand. Deloitte, PwC, and KPMG have been actively promoting and hiring partners, while Grant Thornton and BDO have also shown impressive partner growth.
Stable economy boosts India's housing market to new heights, scales 11-year peak
The housing property market across India is seeing substantial growth in sales volumes, driven by stable economic conditions and continued confidence, even amidst higher mortgage rates. This uptrend is led by the top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, propelling the country’s residential real estate market to an 11-year high in sales volumes during the first half of the year.
Myntra gained market share, scaling beauty and home decor: CEO Nandita Sinha
Over the past year-and-a-half, online fashion retailer Myntra has gained market share even as rivals like Reliance Ajio and Nykaa Fashion have snapped at its heels, chief executive Nandita Sinha told ET in an interview–without naming the competition.
Technology-enabled professional services firm Sikich Secures $250 Million minority growth investment from Bain Capital
Sikich LLC received a $250 million investment from Bain Capital to accelerate growth and maintain professional services leadership under CEO Christopher Geier.
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
As mercury rises, so does the demand for home delivery
Ecommerce platforms are experiencing a surge in demand for essentials like groceries, leading to a spike in deliveries. This surge is also increasing the demand for manpower at dark stores and distribution centers. Orders in the National Capital Region have seen a sharp increase, with consumers also ordering ice-creams and beverages online.
Small cities home to big dream jobs: Hiring scene in tier 2, 3 cities gets busy
Job opportunities are growing across sectors in tier 2 and 3 cities, and professionals are eager to join, recruiters and firms said. Escalating living costs and infrastructural challenges in metros are prompting executives to move to smaller cities. Companies, on their part, are drawn by cheaper land costs, lower salaries and easy talent availability, besides rising disposable incomes in these cities.
Donald Trump may owe $100 million from double-dip tax breaks, audit shows
The New York Times and ProPublica revealed that Donald Trump employed a questionable accounting tactic to claim improper tax breaks on his Chicago tower, facing a potential $100 million+ tax bill. In recent months, Trump has also been ordered to pay $83.3 million in a defamation case and an additional $454 million in a civil fraud case brought by New York Attorney General Letitia James.
NFRA penalises 3 auditors in Reliance Home Finance case
NFRA penalizes audit firm and auditors Rs 1.6 crore for Reliance Home Finance audit misconduct. Issues with risk assessment, fraud suspicion, and compliance highlighted. Lack of quality standards and objective review mentioned.
Warburg Pincus frontrunner to buy Shriram Housing Finance
Bain Capital is other key contender; binding bids submitted last week. Shriram Housing offers an opportunity for a PE player to benefit from the sharp growth expected in India's affordable housing space, which has gained significant momentum following the post-Covid shift in favour of home ownership
CAG's 2017 report pointed out serious irregularities by Martin
The decision to hold a CAG audit was taken by the Union home ministry in 2015 following rampant complaints of corruption and violations in online and offline lottery by major players, including Martin. "The marketing agents (MA) have cornered 98.60% of sale proceeds of lotteries while the state could receive a meagre 1.40% of sale proceeds, during the audit period 2010-2016," the C&AG report stated.
RBI steps up scrutiny of retail lending, targets top-up home loans
RBI tightens supervision on retail lending, focusing on mortgage top-ups, algo-based credit models, and co-lending. It aims to manage risks in the financial system amid rapid credit expansion and global economic uncertainty. The RBI typically uses moral suasion - speeches, calls to bank executives, individual meetings - as initial steps to prod banks, before considering more assertive enforcement.
New antitrust law for large tech firms shouldn’t stifle innovation: experts
Zomato, Swiggy, Flipkart and Oyo have opposed the new regulations on digital competition proposed by a government-appointed committee. Indian companies that supported the proposal of ex-ante regulations include Paytm and MakeMyTrip, albeit with caveats.
Financial reporting community needs to learn from India’s start-up success story, says NFRA chairman
“India ranks third globally in terms of the number of start-ups that are becoming unicorns. We all should collectively think if we can do the same thing in the auditing community,” Pandey said in his closing remarks. Pandey noted that NFRA would coordinate with the Ministry of Corporate Affairs to help create enabling frameworks for establishing home-grown audit firms like the Big Four.
Diamond cos tread on rule minefield; face compliance burden under new sanctions regime
Diamond houses in India are facing scrutiny under the new sanctions regime that began on March 1 to block Russian gems from affluent western markets. The Gem & Jewellery Export Promotion Council (GJEPC) has circulated guidelines and formats of self-declarations that diamond firms shipping to the US and EU must share with their buyers to avoid trouble.
RBI froze Paytm Payments Bank after years of warnings about data flows
A technical audit by the Reserve Bank of India found money and data traffic flows between the tightly regulated Paytm Payments Bank Ltd. and the rest of the Paytm universe that created accounting and supervisory problems, according to people familiar with the matter.
Online diamond trading platform, DiamondXE, to offer solutions on transparent pricing for industry
The platform is cost-free for searching, browsing, and listing, fostering a user friendly experience for all stakeholders.
Auditors’ foremost obligation is to uphold public interest: Larry Bradley, KPMG
In order to serve the most complex and sophisticated organisations globally, generating critical mass and capabilities across the entire world is essential. Focusing on building these capabilities is crucial to ensuring top-notch services, says Larry Bradley, Global Head of Audit for KPMG International.
Deloitte sought independent external probe into Hindenburg allegations; Adani firm says reasons for resignation not convincing
In the August 12 resignation letter, Deloitte said it was resigning as auditor of APSEZ with immediate effect "because we are not statutory auditors of a substantial number of other Adani Group of companies." It went on to state that it had given a qualified opinion in audit of financial statements for quarters ended March 2023 and June 2023.
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