ICAI Gains Full Power to Regulate Big Four Audit Firms

The Delhi High Court has reaffirmed the Institute of Chartered Accountants of India’s (ICAI) authority to regulate Big Four audit firms' affiliates in India. This decision, issued on July 3, allows ICAI to resume disciplinary actions against these firms, emphasizing compliance with Indian accounting standards. The court also directed ICAI to develop operational guidelines for Big Four affiliates, ensuring transparency and aligning global best practices with local regulations. ICAI President Ranjeet Kumar Agarwal announced new global networking guidelines to be released soon.