Break Big Four Dominance & Protect Indian CAs: A Call for Fair Competition

Break Big Four Dominance & Protect Indian CAs: A Call for Fair Competition

When Local Expertise Is Overshadowed by Global Power

Imagine dedicating decades to building a trusted accounting practice—serving businesses, guiding entrepreneurs, and supporting economic growth—only to be excluded from major national opportunities because your firm isn’t a multinational giant.

For more than five lakh Chartered Accountants (CAs) in India, this concern is becoming increasingly real.

During a recent Zero Hour discussion in the Rajya Sabha, Congress leader Vivek K. Tankha raised a powerful issue: the growing imbalance between India’s domestic CA firms and the dominance of large multinational audit networks. His remarks spotlighted what many professionals describe as an uneven playing field Break Big Four Dominance & Protect Indian CAs: A Call for Fair Competition.

A Stark Financial Divide

Tankha drew attention to the widening gap between major international audit firms—commonly referred to as the “Big Four” (Deloitte, PwC, EY, and KPMG)—and smaller Indian CA firms.

According to the figures cited, each of these global networks handles mandates exceeding ₹10,000 crore, while thousands of Indian firms struggle to scale beyond ₹10 crore in annual turnover. This contrast reflects more than just size—it reveals structural challenges.

When high-value tenders exceeding ₹500 crore are announced, smaller domestic firms often lack the financial eligibility criteria required to bid. Without institutional support or policy-level encouragement, scaling up becomes increasingly difficult.

Tankha suggested that influence networks and legacy advantages have further strengthened the position of multinational firms, making it harder for Indian practices to compete on equal terms.

Chartered Accountants: More Than Compliance Experts

Chartered Accountants are often seen primarily as tax advisors, but their role extends far beyond compliance paperwork. They act as financial strategists, governance advisors, and crisis managers.

During major economic transitions—such as demonetisation and the rollout of GST—it was Chartered Accountants who helped businesses interpret regulations, implement new systems, and maintain operational continuity. While policies are announced at the top, it is these professionals who ensure that they function effectively on the ground.

Despite their critical contribution to India’s economic framework, many practitioners feel that domestic firms are not given proportionate opportunities to grow alongside multinational players.

Concerns Over Legal and Professional Safety

Beyond competitive pressures, Tankha also raised concerns regarding professional liability and personal security.

There have been instances where investigative agencies have questioned or pursued Chartered Accountants for financial discrepancies linked to client documentation. The argument presented was that professionals should not be automatically treated as criminally liable for information provided by clients—especially when acting in good faith.

Drawing comparisons to legal and medical professions, Tankha advocated for clearer safeguards to protect accounting professionals. He proposed the idea of a “CA Protection Act” that would define boundaries of responsibility and ensure due process before punitive action.

The Larger Question: Self-Reliance in the Financial Sector

At the heart of the discussion lies a broader economic question. If India aims to strengthen domestic capacity under the vision of self-reliance, should greater support be extended to homegrown financial institutions?

Allowing multinational audit networks to dominate large-scale mandates may improve global integration, but it also raises questions about nurturing domestic expertise. Creating policies that encourage Indian firms to scale responsibly could foster both competitiveness and economic resilience.

Tankha’s intervention in the Rajya Sabha was not merely criticism—it was a call to reassess structural frameworks, promote fair competition, and provide institutional support to India’s financial professionals.

Final Thoughts

Chartered Accountants form a vital pillar of India’s corporate governance ecosystem. Their expertise sustains compliance, financial transparency, and economic stability.

Ensuring that domestic firms have equitable growth opportunities—alongside appropriate professional safeguards—could help build a more balanced and inclusive financial environment.

The debate ultimately revolves around one central idea: how to create a system where global participation and domestic empowerment coexist, rather than compete at the expense of one another.