Big Four try to access Indian market
The Big Four are launching a concerted bid to gain access to the Indian audit market.
Currently Mike Rake, chairman of KPKMG, is in India trying to convince the Institute of Chartered Accountants of India to allow his firm and others to perform statutory audits in the country.
Currently foreign firms are banned from performing statutory audits of Indian-based businesses.
Rake will tell Arun Jaitley, India’s commerce minister, that blocking access of foreign firms will hurt ambitious Indian companies looking to expand beyond their borders.
‘They need us to reach capital markets and raise funds that create wealth. This is the sort of thing that damages India’s image and confidence,’ Rake said, the Financial Times reported.