Synopsis
Between 2018 and 2023, audit fees for FTSE 250 companies rose by 75%, reflecting rising costs and complexity. In contrast, India’s NSE 500 saw only a 25% increase during the same period-despite operating in a high-inflation, high-growth environment. Also, this time around, companies are triggering a far more structured and competitive process than a decade back. Personal relationships no longer drive decisions-formal RFPs are fast becoming the norm.
MUMBAI: The scramble for marquee audit mandates has begun as India Inc enters the final stretch of the 10-year mandatory rotation cycle introduced under the Companies Act in 2017-18, with several companies beginning discussions to onboard new auditors for the next decade.
Tata Motors was the first big company off the block, announcing Deloitte