DELOITTE

More in DELOITTE

• Supreme Court issues notice to government on review pleas by Deloitte and BSR in IL&FS case

  Deloitte in its review petition told the SC that the May decision failed to consider the provisions of the limited liability partnership (LLP) Act which says no vicarious liability can be fastened on the other partners in the case of alleged fraudulent acts. It further stated that its only three partners and a total team of 18 persons were involved in the IFIN audit and any default on their part cannot result in action against the entire firm, which has approximately 150 partners and employs around 4500 persons.

  

• Report on audit at Byju's soon: ICAI Chief

  The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is finalizing its report on the standards and processes followed by the auditor of Byju's, a prominent edtech company. Ranjeet Kumar Agarwal, the new President of ICAI, stated that the report will be the basis for the institute's next steps regarding the matter. The crisis at Byju's emerged following the resignation of three directors and its auditor, Deloitte, due to delays in announcing financial results.

  

• Corporate India produces a flop succession show

  Data from Deloitte shared exclusively with ET shows that the process works at just one of four organisations, although seven out of 10 do have a framework in place for succession planning.

  

• NFRA's first annual inspection of key audit firms to start by April

  The regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of which they are the statutory auditors, one of the persons said.

  

• Deloitte in eye of storm as SEC probes Tingo for $470 mn scam, experts call for greater oversight to protect Indian investors

  Auditing firm Deloitte has once again been caught in the eye of the storm of regulators.

  

• India Inc confident of achieving $5 trillion economy, says Deloitte in pre-Budget survey

  India Inc is confident of achieving $5 trillion economy with government support in infrastructure investments, reforms, and technology adoption. Business leaders anticipate strong economic growth, with about 50% of India Inc optimistic about above 6.5% growth in FY25. Automotive, consumers and retail, technology, media, and telecommunication, and energy, resources, and industrials sectors anticipate high growth.

  

• Big 4 firms expanding talent pool, promote young partners amid rapid growth and shifting dynamics

  Top-tier consulting firms EY, Deloitte, PwC, and KPMG are rejuvenating leadership by promoting younger partners to navigate rapid growth, increased regulatory scrutiny, and technological shifts. The average age of new partners has decreased to 33-35, boosting diversity and talent pool expansion.

  

• Amid continuing global headwinds, many senior execs from tech companies join ‘big four’ as partners

  Tech firms such as Accenture, IBM and Genpact have lost talent, said the people, along with Infosys, Wipro, TCS, HCL Tech and Tech Mahindra, with some of their senior executives moving either to consulting roles as Partners or senior level implementation and operations roles at the top four professional services firms.

  

• 94 Percent of Indian CFOs bullish on nation's economic future, reveals Deloitte Survey

  Indian CFOs exhibit unparalleled confidence in their nation's economic future, with 94 percent expressing optimism, in stark contrast to the 30 percent among their Asian counterparts. Deloitte's APAC CFO Survey 2023 sheds light on this disparity, emphasizing India's financial leadership and the evolving role of CFOs in the region.

  

• Deloitte seeks review of apex court ruling allowing SFIO probe

  The financial affairs of IL&FS Group came under scrutiny in 2018 after it defaulted on short-term and long-term debt obligations to the tune of Rs 91,000 crore. IL&FS Financial Services (IFIN) was audited by BSR, a KPMG-affiliated firm, in FY19 and jointly by BSR and Deloitte in FY18. Deloitte was the sole auditor of the firm in FY16 and FY17.

  

• Professional services companies go slow on hiring as attrition level drops

  Industry officials, however, said the impact of the cut down in hiring is mostly at the senior management and director levels, while companies continue to hire at the top, or the partners level. "Hiring of partners or people who bring in business is pretty aggressive. It is the middle that is suffering, also due to a fall in exits," said a partner.