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Will We See The Big 8 Accounting Firms By 2022?

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India has big ambitions, and the world accountancy fraternity had better watch out.

According to Prime Minister Modi, the signature of a major Chartered Accountanting firm has more power than even that of a Prime Minister, and he wants half of that power to be located in India by 2022.

 

Right now, all of the ‘Big 4’ firms are actually networks of independent firms, partly as a means of reducing risk, and partly as an expansion through acquisition methodology. It’s hard to see how a single firm or group of firms can reach that reputational level, the skills necessary to offer the range of services currently offered by the market leaders, nor have the market penetration so necessary to make that leap in five years when there are dozens of mid tier firms who have been struggling to make the leap for decades.

It will take leadership, financing and motivation to create a stable, world class agglomeration from scratch. Bundling firms will create a clash of egos such as hasn’t been seen in decades, the financing necessary to carry this expansion from ready-set-go to can-do will be enormous, on a scale that can only be imagined.

It will take leadership, financing and motivation to create a stable, world class agglomeration from scratch. Click To Tweet

There will be mistakes and missteps aplenty, but it can be done.

Prime Minister Modi is the first world leader to recognize the importance accounting firms have to financial markets and the economic stability of a country to want to make his country a world leader in the industry.

He sees accountancy as a valued component of a stable tax system, and reduced corruption, as his country moves away from ‘Black Money’ and the underground economy.

The Institute of Chartered Accountants in India has a champion, and it is quite possible that his government may have a ‘Five Year Plan’ for accountancy that will rival the industrialization plans of the old Soviet empire.

PwC, Deloitte, EY and KPMG might just need to watch out.

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Kirk

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