Financial Daily from THE HINDU group of publications
Thursday, Oct 07, 2004
Financial Daily from THE HINDU group of publications Thursday, Oct 07, 2004 |
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Auditing Corporate - Auditing E&Y ex-partners form audit firm
Anil Sasi
New Delhi , Oct. 6 THE Big Four - KPMG, Ernst &Young, PricewaterhouseCoopers and Deloitte Haskins & Sells - could soon see some hot competition on the audit front. Six of the high-profile partners who exited Ernst & Young (E&Y) this August have come together to form a new audit firm christened BMR & Associates. Those involved in the new venture include the former E&Y India CEO, Mr Bobby Parikh, the former head of E&Y's Indirect Tax Practice, Mr Rajeev Dimri, and the former E&Y National Tax Director, Mr Mukesh Bhutani. Two other `legacy Andersen' partners, Mr Ajay Mehra and Mr Sanjay Mehta - who became part of E&Y after it acquired Arthur Andersen's tax practice - are also part of the new venture. According to industry sources, the new firm, which has kicked off with operations in the tax and legal areas, is tying up with global law firm Baker & McKenzie for augmenting its legal practice. The firm has already started recruiting consultants in a big way at the manager and senior manager positions, a level below the partner, drawing a number of applicants from the established audit firms. According to sources, around 100 consultants, mostly from the Big Four, have already been interviewed by BMR & Associates for middle management level positions. The consulting world had been rocked by a spate of resignations by senior consultants during the last three months. Most of the `legacy Andersen' partners quit E&Y over a dispute on the handling of Arthur Andersen's pre-merger cash surpluses. Besides the six E&Y partners who have come together to form BMR Associates, the other high-profile exits during the last few months included the E&Y India Chairman, Mr Jairaj Purandare, and partners Mr Ameet Parikh and Mr Nitin Atrole. While Mr Nitin Atrole has joined STAR India, Mr Ameet Parikh started his own audit firm.
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