Accounting scandals: Big 4 audit firms face unprecedented crisis in India

The auditors are hitting back, saying there is so much blame on auditors that they are questioning internally whether it makes sense for them to keep auditing Indian companies

The big 4 accounting firms have been facing an unprecedented crisis in India, with multiple investigators looking into their alleged role in concealing losses, related-party transactions, helping erring promoters get away with fund diversion, and even leaking insider information.

Price Waterhouse is awaiting the final Securities Appellate Tribunal (SAT) order on its appeal against Sebi’s two-year auditing ban over its role in the Satyam scam a decade ago. The IL&FS meltdown in August last year also hit its auditors hard. Infibeam Avenues, meanwhile, has called a meeting of its shareholders to remove its auditor for allegedly leaking financial information.

Deloitte