News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
Big 5 Auditors handle nearly every 2 out of 3 Nifty500 Companies
PrintIndia's five largest audit firms managed as many as 310 assignments of Nifty500 companies in FY23, or almost two out of every 3 audits, shows an analysis by PRIME Database Group.
Out of the Nifty500 companies, auditor details were not available for 2 companies.
In terms of all companies whose equity shares were listed on NSE (main board) as on 31st March 2023, the Indian Big 5 audit firms handled 551 assignments of 1,869 companies (for which auditor details were available for 2022-23) or 29.48% of the total, the report said.
The top 10 audit firms accounted for audits of as many as 707 companies or 38% of the total. Leading the league table was the EY Group with 146 companies, followed by KPMG Group (136), Deloitte Group (124), Walker Chandiok (85), and PWC (65)
On an overall basis in FY23, as many as 809 audit firms audited the 1,869 companies. On average, an audit firm audited 2.31 companies in 2022-23, up from 2.11 companies in 2021-22.
In terms of market capitalisation (m-cap) of companies audited, the Global Big 4 dominated with the m-cap of the companies audited by them being 57% of the total m-cap of all companies whose equity shares were listed on NSE (main board) during 2022-23. Deloitte led with 19% with KPMG at 17% and EY at 15%.
When it came to mid-term cessations of auditors, in FY23 there was a significant drop with just 16 such instances of auditors resigning as compared to 57 auditors quitting in the middle of the year before completing the full-year audit in FY22.
Auditor changes (including addition/deletion of one or more auditors for companies with joint audits), were seen in 525 companies from 2021-22 to 2022-23 on account of auditor rotation requirements, the study found.
Out of the Nifty500 companies, auditor details were not available for 2 companies.
In terms of all companies whose equity shares were listed on NSE (main board) as on 31st March 2023, the Indian Big 5 audit firms handled 551 assignments of 1,869 companies (for which auditor details were available for 2022-23) or 29.48% of the total, the report said.
The top 10 audit firms accounted for audits of as many as 707 companies or 38% of the total. Leading the league table was the EY Group with 146 companies, followed by KPMG Group (136), Deloitte Group (124), Walker Chandiok (85), and PWC (65)
On an overall basis in FY23, as many as 809 audit firms audited the 1,869 companies. On average, an audit firm audited 2.31 companies in 2022-23, up from 2.11 companies in 2021-22.
In terms of market capitalisation (m-cap) of companies audited, the Global Big 4 dominated with the m-cap of the companies audited by them being 57% of the total m-cap of all companies whose equity shares were listed on NSE (main board) during 2022-23. Deloitte led with 19% with KPMG at 17% and EY at 15%.
When it came to mid-term cessations of auditors, in FY23 there was a significant drop with just 16 such instances of auditors resigning as compared to 57 auditors quitting in the middle of the year before completing the full-year audit in FY22.
Auditor changes (including addition/deletion of one or more auditors for companies with joint audits), were seen in 525 companies from 2021-22 to 2022-23 on account of auditor rotation requirements, the study found.
Category : Auditing | Comments : 0 | Hits : 1519
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments