India Set to Strengthen Economic and National Security by Excluding 'Big Four' Foreign Audit Firms

New Delhi: The Indian government is set to take a historic step to strengthen the country's economic and national security. The Prime Minister's Office (PMO) is seriously considering excluding the'Big Four'foreign firms from audits of public-interest entities operating in highly sensitive sectors such as defence, banking, telecommunications and energy. The main objective behind this decision is to ensure data security and limit access to foreign firms. The government has asked ICAI to propose developing a robust domestic audit ecosystem, managing domestic data storage, and simplifying rules for Indian CA firms. A final decision in this regard may be taken soon, indicating that the government now wants full domestic control over strategic audits. This decision will provide a big opportunity for honest and small Indian CA firms to grow in the future.