#CENTRE GETS INTO THE ACT TO CREATE DESI 'BIG FOURS'
R V Seckar
India is considering changes in the Limited Liability Partnership (LLP) Act and other measures that would enable domestic accounting firms to merge and acquire scale. The government is of the view this will help create large domestic audit firms akin to the Big Four, people aware of the development said.
India proposed changes to the LLP Act and Companies Act to help domestic accounting firms merge and grow, aspiring to create audit firms comparable to the Big Four. The Institute of Chartered Accountants of India eased regulations, giving firms greater time and flexibility to explore partnerships, thereby enhancing their capabilities to handle larger clients.
MCA could outline some details as part of new government’s 100-day agenda . The LLP law and the Companies Act could be amended in the winter session of parliament , likely to be held in December 2024.
The Ministry also engaged in talks with ICAI which has decided to relax key provisions in its regulatory framework to facilitate the aggregation of Chartered Accountant firms.
Courtesy : Economic Times