audit firms

Six years in, the audit regulator has settled into a pattern—stiff penalties for small firms, and little more than strong words for their larger peers—that questions its very existence. In April and May this year, India’s audit regulator slapped penalties on three firms in connection with audits of three of Anil Ambani’s companies. The National Financial Reporting Authority did not include PwC and KPMG affiliate BSR, which had acted as joint statutory auditors.