Our latest report - “The Future of Audit in India”– A series by Grant Thornton, focusses on the topic “Mandatory Firm Rotation” (MFR).
Grant Thornton International has been leading a series on ‘The Future of Audit’ across seven countries including China, Singapore, South Africa, UAE, UK, Ukraine and Belgium (Brussels). The series engages diverse stakeholders to discuss and gain insights into the growing pressures to evolve audit services, both over the short term and further into the future. The inputs from the research and subsequent conversations are designed to help identify future drivers of change and emerging innovations in audit services.
Grant Thornton and Prime Database conducted a joint survey to assess India Inc.’s readiness to meet the requirement of Mandatory Firm Rotation (MFR) and the perceived impact of this important legislation.
A snapshot of survey analysis and its implications is given below:
52% of the respondents expect that there will be an increase in the audit fee in the range between 10-25%.