Sitting in his tony office on the 32nd f loor in midtown Mumbai, the newly minted CEO of Deloitte, N Venkatram, reels out number after number in an attempt to attest his firm's dominance among Indian audit firms. No doubt, the numbers reflect Deloitte's strength. The combined market capitalisation of companies audited by Deloitte in BSE 500 would tot up to a third of the index. But these numbers face a formidable challenge in the form of a set of regulations that will radically change the manner in which audit companies function in India. According to the Companies Act 2013, businesses will have to change their auditors after two terms of five years each from April 1, 2017 (see What The Act...
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