SEBI picks 9 audit firms to probe corporate fraud

SEBI has shortlisted nine firms, including Deloitte, BDO and Chokshi & Chokshi, for conducting forensic audits in corporate fraud cases, reducing the panel from the previous 20. The new list, effective for three years, replaces the 2021 panel and emphasizes quality and past performance in the selection process.
The Securities and Exchange Board of India (SEBI) has produced a list of nine firms, down from the previously empaneled 20, for conducting forensic audits in corporate fraud cases. The previous panel was selected in 2021.

The new list is applicable for three years before the regulator empanels forensic auditors again. The previous list stands replaced. Deloitte is the only Big Four audit firm in the list. KPMG, EY and PwC are not in the list. While KPMG and EY were part of the previous panel, PwC was not. Other firms selected are BDO, Chokshi & Chokshi, CNK and Associates, Jain Chowdhary & Co, Pawan Puri and Associates, Raju & Prasad, Rajvanshi and Associates and ATK & Associates. Amongst these, BDO, Chokshi & Chokshi, Rajvanshi and Associates and Deloitte have been selected for a second time. These firms are picked to “take up assignments relating to forensic audit of financial statements of listed companies”, the regulator said in a statement. SEBI undertook the selection after a public tender was released on November 29.

The selection process includes criteria such as team size of the audit firm, number of assignments undertaken and work experience of individual partners.
SEBI wants to work with a smaller group of forensic auditors on sensitive fraud probes, according to audit firm sources. It also selected these firms based on the quality of work they did in the past, they said.

Source : https://economictimes.indiatimes.com/industry/services/consultancy-/-audit/sebi-picks-9-audit-firms-to-probe-corporate-fraud/articleshow/120593216.cms?from=mdr