“Now the Indian audit firms will have to scale up and they will have to meet the requirements of the country for auditing services. This transition will require time; it’s a practical issue as it involves migration of staff and clients.”KPMG network firms audit 175 listed companies while the count is 167 for the Deloitte network. These companies account for about 40% of the market capitalisation of listed companies, according to Prime Database. KPMG won the most accounts among listed companies. Deloitte lost marquee clients but managed to replace most accounts.EY, KPMG and Deloitte accounted for about two-thirds of NSE listed companies by market value in FY19.

Source: Economic Times June 12, 2019 01:16 UTC