Consultancy / Audit
Government working on aggregation of CA firms, accounting standards for insurance sector
Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.
Law firm IndusLaw’s partner Padmaja Kaul to join JSA with three-member team
Padmaja Kaul, a partner specializing in litigation and dispute resolution at IndusLaw, is poised to transition to J Sagar Associates (JSA) along with her team of three lawyers. This move marks the second significant transfer to JSA from a full-service law firm. Last month, Iqbal Khan and Ambarish, former partners at Shardul Amarchand Mangaldas & Co (SAM & Co), also joined JSA, bringing with them a team of approximately 18 members.
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.
Indian law firm SNG & Partners collaborates with Singapore-based ESG firm Snowkap
Mumbai-headquartered law firm SNG & Partners has partnered with Snowkap, a Singapore-based ESG firm, to support global organizations in their sustainability journey. Led by chairman Rajesh Gupta, SNG & Partners has analyzed over 4,000 ESG data points from Indian laws, integrating with Snowkap's capabilities. Co-founders Rajesh Patel and Giri Krishnaswamy highlight the transformative impact of this alliance on reshaping ESG commitments.
UK law firm Ashurst names Kalpana Unadkat and Shishir Mehta co-heads for India practice
UK-based law firm Ashurst appoints Kalpana Unadkat and Shishir Mehta as co-heads of their India practice in London, reflecting the firm's commitment to investing in India's growing market.
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.
BLS E-Services to acquire controlling stake in Aadifidelis Solution
BLS International's subsidiary BLSE is acquiring 55% stake in Aadifidelis Solutions for about Rs 190 crore, with an upfront investment of Rs 71 crore in an all-cash deal. The acquisition aims to integrate specialized loan processing and distribution services into BLSE's portfolio.
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.
IBBI issues new guidelines to streamline process of appointing IPs as resolution professionals
The Insolvency and Bankruptcy Board of India (IBBI) issues new guidelines to streamline the appointment of insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees, effective from July 1, 2024.
Law Firm SAM & Co’s Partners Iqbal Khan and Ambarish to Join JSA with 20-Member Team
Iqbal Khan and Ambarish from Shardul Amarchand Mangaldas & Co are moving to J Sagar Associates with their team. The move will enhance JSA's PE and M&A practice, as stated by Amit Kapur and Vivek K. Chandy.
Must Watch
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
PwC in major accounting scandal? China may impose record fine on PricewaterhouseCoopers over Evergrande auditing work
China is set to impose a record fine on PricewaterhouseCoopers LLP and may suspend some of its local operations due to its involvement in a major financial fraud case with China Evergrande Group. The Ministry of Finance is expected to announce the penalties soon, with a potential fine of at least 1 billion yuan. This move comes amidst heightened scrutiny on financial risks in China, with President Xi Jinping emphasizing the need for stronger financial oversight. PwC's Chinese arm, PricewaterhouseCoopers Zhong Tian LLP, was Evergrande's auditor during the period in question and has faced challenges in other jurisdictions as well.
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.
NFRA imposes Rs 2.5 crore fine on two auditors in Reliance Commercial Finance case
The National Financial Reporting Authority (NFRA) has penalized two auditors with fines totaling Rs 2.5 crore for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. It imposed a Rs 2 crore fine on Shridhar & Associates and Rs 50 lakh on Ajay Vastani, along with a 5-year ban on Vastani from undertaking audits. The penalties were issued following a report of suspected fraud and inadequate audit procedures by the auditors.
Capital markets and dispute resolution will keep law firms busy in coming years: Harry Chawla, Luthra and Luthra Law Offices
Technology integration drives legal sector growth, with rising demand for regulations, advisory services, and increased M&A activity. Focus on AI, blockchain, data privacy, cybersecurity, and geographical expansion to enhance client service and efficiency.
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.
