Govt wants competition commission to probe Big Four

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Updated: July 23, 2019 7:03:02 AM

The CCI and the four auditors didn’t immediately respond to a request for comment. The Big Four do auditing work for almost 60% of the top 500 companies that trade on the National Stock Exchange (NSE), according to corporate data tracker NSE Infobase.

The ministry of corporate affairs, which holds that view, is yet to send any formal request to CCI to probe the matter, the official said.

The government wants the Competition Commission of India (CCI) to assess whether the so-called “Big Four” auditing firms and
their affiliates are hurting competition in any manner, a senior government official told reporters.CCI needs to conduct a survey or an investigation to assess whether the Big Four that include PwC, EY, Deloitte and KPMG are abusing their dominant position
in the audit market, said the official, who spoke about the matter on condition of anonymity.

The ministry of corporate affairs, which holds that view, is yet to send any formal request to CCI to probe the matter, the official said.

“If you look at the top 500 companies in India, they are totally dominant and the Big Four seem to be sharing the work… whatever be the reason there seem to be entry barriers,” the official told reporters.

“The CCI should look into dominance of these four global auditors and whether they are thwarting competition”.

The CCI and the four auditors didn’t immediately respond to a request for comment. The Big Four do auditing work for almost 60% of the top 500 companies that trade on the National Stock Exchange (NSE), according to corporate data tracker NSE Infobase.

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