Auditing the auditors

Conflicts of interest must be avoided

The National Financial Reporting Authority (NFRA), which is in charge of supervising accountancy in India and regulates firms providing such services, in late December released a report that shook up the country’s financial establishment. The report looked at the Big Four network of accounting firms: BSR & Company, Deloitte Haskins & Sells, SRBC & Company, and Price Waterhouse Chartered Accountants. It is worth noting that some of these names might be unfamiliar because they are part of, or related to, larger global groups with a far better-known brand name. SRBC is related to EY and BSR to KPMG.
 

The fact