Deloitte

NFRA, India’s audit regulator, is partial towards the Big 4

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.

Adani group has clear links to Howe, misled investors and Deloitte

Ravi Nair / October 30, 2023

But with Howe identified, the denial of any relationship between it and the Adani group flew in the face of publicly available information, and was possibly a key reason for Deloitte resigning as APSEZ’s auditor a few months later. Howe Engineering Projects’ parent firms are described as Adani group entities on an affiliate’s website, and there are multiple trails of evidence linking Howe to the conglomerate owned by Gautam Adani’s brother Vinod Adani and associate Chang Chien-Ting.

NFRA, India’s audit regulator, is partial towards the Big 4

Adani group has clear links to Howe, misled investors and Deloitte

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