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That the next big accounting firm should emerge from India is a laudable vision. The Global Networking Guidelines is a step in that direction but much more needs to be done in terms of reducing regulatory constraints and aligning Indian regulations with global norms. The Indian firms need to abandon their legacy mindset and work at building a recognizable brand. The landscape is strewn with firms that are small and fragmented and there is a crying need for consolidation, particularly amongst mid-sized firms to build scale. The vision cannot be achieved in one big leap but will be a long and arduous journey. It needs all stakeholders to work in sync and to have a radical shift of thinking both on part of the regulator and the Indian firms.
Truth can walk naked, but a lie always needs to be dressed. Khalil Gibran.
THE REALITY
The naked truth is that the Indian CA firms are nowhere close to challenging the dominance of the multi-national accounting firms (MNF) (also popularly known as the Big 4). Their combined revenues exceeded a staggering INR 45,000 crore in FY251, driven largely by growth in consulting and technology-led services. 67% of the Nifty 5002 companies are audited by the Big 4, being the default preference due to their brand value.
So why ar
