KPMG
KPMG loses another exec as deals advisory co-head Manish Aggarwal exits
Manish Aggarwal, co-head of deal advisory at KPMG, has resigned, adding to a string of departures from the unit. Aggarwal, a key dealmaker for the firm, was involved in major transactions, including Brookfield's highways exit and JSW Energy's Mytrah acquisition. His next career move remains unknown.
Offices install air purifiers, encourage work from home as pollution engulfs Delhi-NCR air
Delhi-NCR faces severe air pollution. Companies encourage work from home. Offices install air purifiers and plants. Demand for air purifiers rises in nearby states. Coca-Cola, ITC, Infosys, KPMG, and Deloitte allow remote work.
Hybrid work model is here to stay in New Year, too
Many Indian companies, including Infosys, ITC, and KPMG, are shifting towards hybrid work models in 2025. This move prioritizes employee well-being and flexible work arrangements, with most employees attending offices up to three days a week.
Infra, transport sector leaders expect growth in earnings, headcount in next 3 years: Report
India is poised to undertake a massive infrastructure development program, demanding significant capital investment. A global survey of infrastructure and transportation CEOs reveals optimism for growth but highlights concerns about ESG expectations and climate change impacts. CEOs acknowledge the public's reliance on businesses to address societal issues and are prepared to prioritize reputation over short-term profits.
JC Flowers ARC gets two bids for Rs 3,903 crore of bad loans
JC Flowers Asset Reconstruction Company received bids for two bad loan blocks totaling ?3,900 crore. CFM ARC bid ?78 crore for Carnival Cinemas' debt, while Acre ARC offered ?237 crore for a retail and SME loan portfolio, triggering a Swiss challenge auction.
GST mopup rises 8.9% to ?1.87 lakh crore in October
India collected ? 1.87 lakh crore in GST in October, the second-highest monthly total ever. Domestic GST collections increased significantly due to festival demand. Experts remain cautious about the short-term outlook but see long-term prospects as promising due to India's growing consumer base and pro-growth policies. November collections will be crucial to determine short-term trends.
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NFRA set to release first annual audit firm reports, focuses on compliance and transparency
NFRA plans to release inspection reports on major audit firms by mid-November after finding improvements but noting more work needed. Annual inspections now focus on standards and processes, aiming to enhance transparency and prevent corporate fraud. Major firms have mostly ceased non-audit services for audit clients.
Big Four affiliates catch the poll fever again, line up for ICAI posts
After a break, partners from Big Four affiliates are engaging in ICAI elections due to a more assertive ICAI, changing audit rules, and recent disciplinary actions. Key candidates include PwC's Abdul Majeed and Deloitte's Nandkishore Hegde. The elections aim to bolster their representation amid growing NFRA influence and stricter international networking guidelines.
Over half of India's Technology, Media, and Telecommunications organisations fully integrated AI
Over half of Indian TMT organisations have fully integrated AI, while 37% are scaling it. AI boosts operational efficiency, personalisation, and decision-making, with significant cost reductions and returns. Key challenges include a skilled workforce shortage and high costs. Generative AI is seen as a major competitive advantage.
NFRA imposes Rs 2-cr penalty on audit firm in Coffee Day case, debars two auditors
The National Financial Reporting Authority penalized M/s Venkatesh & Co Rs two crore and barred auditors Dasaraty V and Desikan G for 10 and 5 years, respectively, for professional misconduct in the 2019-20 Coffee Day Enterprises audit, following Sebi's report on fund diversion.
UK pay growth weakest since February 2021, REC survey show
Britain's job market cooled in September with pay growth at its slowest in nearly four years. Permanent job placements continued to decline, though less sharply than in August. Companies face uncertainty ahead of the upcoming annual budget. This easing in pay pressures could support further interest rate cuts by the Bank of England.
Indian CEOs optimistic about global economy, but not their own companies
Indian CEOs express confidence in global economic growth over the next three years, according to a KPMG study, though they have concerns about their own companies' prospects due to reputation risk, technological obsolescence, and cybersecurity threats. AI, talent, and sustainability remain focal points.
KPMG ESG conclave and awards 2024: Leading the charge for sustainable growth in India Inc.
The KPMG ESG Conclave and Awards 2024, in partnership with CNBC-TV18, focused on strategies for inclusive and sustainable growth. Discussions highlighted the importance of aligning business practices with ESG goals. The event also featured panel discussions on green growth and stakeholder engagement, culminating in an awards ceremony recognizing excellence in ESG practices across various sectors.
Sudden impact: Big 4 audit firms set new terms of engagement after EY worker's death
The tragic death of a young chartered accountant at SR Batliboi & Co has led the Big Four firms to implement employee-friendly measures focusing on mental health and work-life balance. These firms are promoting well-being programs, issuing advisories, and seeking feedback to address workplace stress and improve conditions for their staff.
Supreme Court dismisses Amit Goenka's plea against Sebi order on Shirpur Gold Refinery forensic audit
The SC has dismissed Amit Goenka's appeal against SEBI's decision to appoint KPMG as a forensic auditor for Shirpur Gold Refinery. The audit revealed alleged fund siphoning by the promoters. SEBI issued show-cause notices and barred them from selling their holdings.
Supreme Court rejects Amit Goenka's appeal against Sebi's appointment of KPMG as auditor for SGRL
The Supreme Court has rejected Amit Goenka's appeal against the Securities and Exchange Board of India¡¯s decision appointing KPMG Assurance and Consulting Services as a forensic auditor for debt-ridden Shirpur Gold Refinery Ltd (SGRL) and its subsequent report on the firm.
NCLT rejects Philips India¡¯s plea to buy out minority shareholders¡¯ stake, again
Philips India has faced a setback in its third attempt to acquire the remaining stake held by minority shareholders in Philips NV. The National Company Law Tribunal¡¯s Kolkata bench dismissed the application due to significant valuation disparities. Philips India offered Rs 915 per share, while minority shareholders valued it between Rs 4,605 and Rs 6,119 per share.
Explainer: How big are the Big Four accounting firms in China?
Chinese regulators have imposed a six-month business suspension and a record fine of $62 million on PwC's auditing unit in mainland China over its audit of troubled property developer China Evergrande Group. This is the toughest penalty ever received by a Big Four accounting firm in China, highlighting their significant role in auditing major Chinese companies.
Top audit firms concerned after hefty penalty on BSR & Associates
The NFRA imposed a ?10 crore fine and banned BSR & Associates LLP partners for audit lapses in Coffee Day Enterprises. The firm had depended on subsidiary auditors, which the regulator criticized, emphasizing significant overlooked investments. This hefty fine has concerned audit firms, affecting future engagements. Experts suggest that the principal auditor should not be solely accountable if subsidiary auditors comply with standards. This event occurs amid increased regulatory scrutiny and efforts to reshape India's auditing profession.
NFRA slaps Rs 10-cr penalty on BSR & Associates in Coffee Day case, debars two auditors
¡°The foregoing discussion in this order is replete with the instances of the lapses in audit, the infraction of the law and non-adherence to the standards of audit, Quality Control Standards and Code of Ethics by the auditors of a listed company (Coffee Day Enterprises Ltd, or CDEL),¡± said the order issued by NFRA chairman Ajay Bhushan Prasad Pandey and its two full-time members.
Sanjeev Krishan re-elected as PwC India Chairperson
Sanjeev Krishan secures re-election as Chairperson of PwC in India, with over 400 partners voting. PwC's revenue surpasses $1 billion under Krishan's leadership, with a strong focus on growth and expansion. The firm's India revenues exceed Rs 9,000 crore and employee count nears 30,000. PwC intensifies domestic market focus and invests in advisory services and new units. The Big Four firms in India experience remarkable growth rates, surpassing China. Both local and global operations show significant impact on the industry.
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.
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.
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.
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.
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.
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