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India missed the chance to build a global accounting firm in 2002, but converging forces of technology, client fatigue, and regulatory shifts have reopened the window for a "Fifth Firm." To succeed, Indian firms must evolve from fragmented, partner-led practices into unified institutions. This requires mastering complex regulatory dimensions across jurisdictions, maintaining strict audit independence, and managing cross-border conflicts. Firms must strategically separate regulated audit from non-regulated advisory services, embracing multidisciplinary structures and external capital to fund growth. Ultimately, Indian firms must view regulation not as a barrier, but as the foundational architecture of trust required for global scale.
1. INTRODUCTION – THE NEED FOR AN INDIAN FIRM WITH A GLOBAL PRESENCE
Some opportunities come once in a generation. They arrive quietly, without hype or hoopla, and leave just as quietly. You recognise them much later, when the world has moved on.
‘Professional Services’ had such a moment when a multinational firm collapsed. The crash opened the doors wide for a new entrant. For someone in India or the Global South. We didn't seize the moment. We let it go uncashed.
In 2002, Arthur Andersen, the world's top audit and accounting firm, went Kaput, cou
