India's Government Joins Forces with ICAI to Propel Accounting Firms Globally

The government and ICAI are planning to aggregate accounting and auditing firms to create global contenders. Corporate Affairs Secretary Manoj Govil highlights measures to enhance corporate governance, including developing accounting standards for banks and insurance and improving LLP laws. Efforts are ongoing to streamline company closures.

In an ambitious push to boost homegrown firms onto the global stage, the Indian government and the Institute of Chartered Accountants of India (ICAI) are collaborating to aggregate accounting and auditing firms in the country.

Corporate Affairs Secretary Manoj Govil revealed on Monday that this initiative aims to give India its own 'Big Four' firms.

Govil also discussed various measures underway to enhance corporate governance. These include the formation of accounting standards for the insurance sector and Limited Liability Partnerships (LLPs), and ongoing discussions with the Reserve Bank of India for banking standards.

Speaking at the ICAI's 75th-anniversary celebration, Govil highlighted the ministry's plan to expedite the voluntary closure of companies, aiming to reduce the process to under three months.

ICAI President Ranjeet Kumar Agarwal confirmed that a plan for aggregating CA firms will be drafted in the coming months.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)