KPMG
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
First NFRA annual report on eight audit firms by November
The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.
No reduction in consumer market frauds despite regulatory changes: KPMG in India survey
According to a recent KPMG survey in India, 79% of finance and compliance experts in consumer markets sectors believe there has been no reduction in fraud despite regulatory changes, with only 21% reporting reduced fraud. The survey found that procurement, sales, distribution, and e-commerce are major areas prone to fraud, with reputational damage cited as the most severe impact. Implementing tech-based early warning systems was highlighted as an effective measure to detect and mitigate fraud.
Reputation damage in India most severe impact of frauds: KPMG survey
Regulatory changes have not succeeded in reducing frauds, with 79% respondents identifying no reduction, the survey said. Key areas prone to frauds include procurement (50%), sales and distribution (30%), e-commerce (11%), manpower (6%) and inventory (3%).
Instant flour mixes for dosa, idli, dhokla cannot be classified as sattu; 18% GST should be levied: GAAAR
The company sells flour mixes of gota, khaman, dalwada, dahi-wada, dhokla, idli and dosa in powder form and pleaded that it is akin to Sattu and should attract Goods and Services Tax (GST) of 5 per cent. The GAAAR rejected the appellant's contention, saying that ingredients which go into the making of 'instant flour mixes" are not covered under the relevant GST rules as is the case with Sattu.
Travel demand to outpace supply for next decade: Yezdi Nagporewalla
But you will always have a mismatch between demand and supply and it is largely because the hospitality sector is interdependent on other aspects like infrastructure, like hygiene, like safety, and those aspects. So, the entire ecosystem actually has to fall into play to make it comparable with developed places.
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IT firms trim bench strength; GCCs focus on compliance
Happy Thursday! The country’s top IT firms have seen a massive drop in their bench strength, i.e. employees not on active projects. Find out why and more in today’s ETtech Morning Dispatch.
GCCs see regulatory compliance as key for India expansion: Survey
Global capability centres (GCCs) operating in India have made it a priority to understand local compliance norms amid an evolving regulatory and GenAI landscape, as per a Nasscom-KPMG survey report.
Infra push, talent access helps satellite cities reshape India's commercial realty
India's commercial real estate landscape in satellite and tier II cities is undergoing significant transformation due to robust infrastructure development, strategic urban planning, talent availability, and lower cost of living. Cities like Navi Mumbai, Pune, Gurugram, Noida, and Hyderabad have seen extensive investment in road networks, metro connectivity, and digital infrastructure, making them attractive hubs for businesses.
Cost of living doesn't influence salaries; Pune among safest cities: KPMG Survey
A survey by KPMG revealed that cost of living differences across Indian cities do not affect compensation decisions, with most HR leaders stating there is no city compensatory allowance anymore. Employees consider various factors like rent, property indices, and local purchasing power when evaluating cost of living. Pune is highlighted for excelling in safety, while other cities like Chennai and Navi Mumbai excel in connectivity and healthcare. Companies are tapping into talent pools in satellite cities like Gurugram and Navi Mumbai.
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
Industrial policy is back. Is this what India needs for an ‘atmanirbhar’ economy?
Mere rise in GDP growth numbers are not enough. What India needs to become a global manufacturing powerhouse is a well-outlined policy that gets the wheel spinning on job creation, skills and holistic growth — especially as the world tilts towards protectionism.
Companies become stricter on return-to-office mandates, but considerate on employee needs
As the market shifts from being an 'employees' to an 'employer's market', return to office calls have been getting louder, with some companies even penalising employees who don't toe the line. However, while expanded flexibility is discretionary, there are several such examples across organisations.
ICAI disciplinary panel overlooks stay to pass order against 2 partners of PwC arms
Despite a Delhi High Court stay, the Institute of Chartered Accountants of India (ICAI) has published orders penalizing two PwC affiliate partners. PwC had obtained a stay against ICAI's disciplinary action, challenging fines and membership removal. The institute's move to upload the order on its website has sparked a legal battle. This follows a similar dispute with EY affiliates. The Big Four firms are contesting ICAI's disciplinary actions, demanding an appellate tribunal be established first.
BARC appoints Dr Bikramjit Chaudhuri as chief of measurement science
Dr. Bikramjit Chaudhuri assumes the role of Chief of Measurement Science and Analytics at BARC India, succeeding Dr. Derrick Grey, who served for six years. With extensive experience in data science and analytics from Datamatics Group, KPMG, Nielsen, and ZS Associates, Bikram aims to enhance BARC's audience measurement system.
HSBC and Deloitte withdraw job offers for foreign graduates in UK after visa rule change
HSBC and Deloitte retract job offers to foreign graduates in the UK due to stricter visa rules. Graduates, who invested in UK education, face uncertainty. Companies like KPMG also reassess hiring strategies. Visa changes impact recruitment in digital innovation sector. Immigration concerns loom ahead of UK general election.
UK exits 'recession' with better-than-expected 0.6% GDP growth
Britain's economy grew by 0.6% in Q1 2024, surpassing expectations and ending the previous recession. The Office for National Statistics reported stronger growth than anticipated, contrasting with forecasts. Prime Minister Rishi Sunak may find relief, but opposition claims disconnect. Bank of England predicts continued growth, with March showing 0.4% expansion.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
ICAI defends action against EY affiliates, says move in sync with its statutory power
ICAI defends action against EY affiliates, cites statutory power. Delhi HC stays order. ICAI directs firms to end tie-ups violating norms. Accusations of bias. Supreme Court involvement.
ICAI lens on big four affiliates over their association with global entities
The EY affiliate firm, SRBC & Co LLP spokesperson told ET that they will explore all issues raised in the order and explore options under the law including the appeal process. However, the problem is that the appellate tribunal, which is supposed to hear appeals, has not yet been set up by the institute. "The order focused only on procedural matters, not audit quality, and will not affect the future of the audit firms in any way" said a leading lawyer who works closely with Big Four firms on regulatory matters. Deloitte, KPMG, and PwC did not respond to the ET questionnaire on the matter.
Big six corner most of auditing business in Nifty-500 universe
According to the report, of all the companies with equity shares listed on the NSE main board, the Big 6 Indian audit firms secured 637 assignments out of 1,961. This accounted for approximately 32.48% of the total, up slightly from 32.14% the previous fiscal year. Auditor details were missing for 47 organisations. A key standout has been the strong performance of Grant Thornton and MSKA affiliates who have established themselves as strong alternatives to the Big Four firms in audit business.
ICAI charges 3 EY India affiliates with professional misconduct
The Institute of Chartered Accountants of India (ICAI) has found three EY India affiliate entities guilty of professional misconduct and reprimanded two partners for breaches of the Chartered Accountants Act. The entities were charged for their dealings with global EY network firms not regulated in India, including paying referral fees and using their names for publicity, which is against the guidelines of the Act. The order, issued on Thursday, is the first such action against a Big Four accounting firm in India.
KPMG opens innovation centre in Bengaluru, second after Mumbai
The first one was opened in Mumbai in 2022 where the company has demonstrated accelerators built with partners, hyperscalers and original equipment manufacturers like Oracle, Microsoft, Google, Salesforce, ServiceNow, Adobe, OutSystems and startups.
Deloitte picks Nishesh Dalal to lead India private equity advisory
Deloitte has appointed Nishesh Dalal, formerly with KPMG, to lead its private equity advisory services in India. Dalal brings over 20 years of experience in advising corporations and financial sponsors. His appointment follows Deloitte's trend of hiring from KPMG, with Rohit Berry expected to join as the new head of financial advisory in May. Romal Shetty, Deloitte's current CEO in India, also has a background at KPMG.
KPMG, Deloitte affiliates hit with US penalties for exam cheating
Exam cheating has plagued the auditor industry for years. KPMG in 2019 agreed to pay $50 million to the U.S. Securities and Exchange Commission (SEC) for a series of violations
India has one of the largest web3 ecosystems globally with over 1,000 startups: Report
India's thriving web3 sector with 1,000+ startups and 12% global web3 developers sees increased funding in key subsectors and active government involvement in blockchain initiatives, positioning the country as a leader in web3 development and adoption.
Top auditors stop offering non-audit work to clients
Top audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit services to audit clients. This move aligns with the NFRA's strict stance on conflict-of-interest issues. EY affiliate SR Batliboi & Co is the only top firm still providing such services. This change comes amid global pressure for auditors to maintain independence and avoid conflicts of interest. The NFRA's regulations apply to Indian companies meeting certain thresholds.
NFRA's first annual inspection of key audit firms to start by April
The regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of which they are the statutory auditors, one of the persons said.
KPMG expands operations in Kolkata: Officials
The new office, equipped with state-of-the-art facilities and collaboration spaces, will accommodate a growing team of professionals, a statement said. KPMG currently has over 250 professionals in Kolkata and has ambitious plans to double its workforce by FY'25, it added
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