French accounting firm Mazars enters India
Mazars, a french accounting giant, is planning to invest in India via a consulting and advisory firm. This announcement comes at the heels of the success of Grant Thornton and BDO that have succeeded in the country.
Led by Kartik Radia, Mazars LLP is hiring quite a lot with plans of appointing about 30-35 partners and 500 professionals by the end of FY19. At present, Mazars is auditing companies through two firms--SN Dhawan in New Delhi and Kalyaniwala & Mistry in Mumbai.
According to Indian regulations, MNCs are not allowed to directly audit Indian companies. That is the reason that foreign companies conduct their auditing services through affiliate firms in the country.
“We have a diversified global client base so we are looking at both outbound and inbound opportunities,” said Rudi Lang, group executive board member at Mazars. “India is very much on the top agenda within the firm.”
Mazars is planning to diversify its offerings to consulting, digital,cyber and forensics-related services as well. As the big four firms have cut down on their auditing practices in the country, companies like Mazars are strategizing to capitalize on the vacuum left in this market.