Now a days there is a big hue and cry against big 4 audit firms that they are not allowed to practice in India as per WTO terms but they are doing audit under surrogated firm's name. Still there is a demand for the experience got from these firms in the market. So such experience based on the brand can be fabricated (like Satyam's case). Can the big 4 take legal action on this fabricated experience certificate in the name of foreign firms?
I dont think that Big 4 do have any problems as now a days the companies have offices in various countries and they need auditors who have a global expertise so i think that no action would be taken or else the companies will have to bear the extra cost and even now government is plannning to implement IFRS.
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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