ICAI Gains Full Power to Regulate Big Four Audit Firms

The Delhi High Court reaffirmed the Institute of Chartered Accountants of India's (ICAI) regulatory powers over Big Four affiliates, lifting the stay on disciplinary actions. This decision, issued on July 3, arose from a legal dispute over ICAI's jurisdiction and Indian law compliance. The court's ruling enables ICAI to enforce Indian accounting standards and directs it to create operational guidelines for transparency in the auditing sector. ICAI President Ranjeet Kumar Agarwal announced imminent global networking guidelines, reflecting efforts to align international practices with India's legal framework.