The ‘Big 6’ audit firms have maintained their strong foothold in the Indian audit landscape. In FY24, they handled the audits of 321 Nifty 500 companies, representing an increase from 295 companies in FY23. Similarly, they scrutinized 637 NSE-listed companies, up from 604 in the previous year. This signifies their continued dominance in the industry, reflecting the trust placed in them by India’s largest corporations.
Among the Big 6, EY emerged as the market leader, conducting audits for 164 Nifty 500 companies, followed by KPMG with 141 companies and Deloitte with 119 companies. Deloitte’s presence was particularly notable in terms of market capitalization, with the companies it audited boasting a combined market cap of 5.4 trillion, representing a 17.1% share. KPMG followed closely with a 17.1% share, and EY held a 15% share. Collectively, these three firms audited companies that accounted for nearly half of the total market value of NSE-listed firms.
The Big 6 audit firms generated significant revenue from their audit services, amassing a total of 1,738 crore in FY23 from NSE-listed companies. Deloitte witnessed an impressive 20% growth in its audit fees, while KPMG saw an 11% increase. However, EY experienced a slight 2% decline.
When considering fees paid for both audit and non-audit services, 39 listed banks contributed a substantial 925 crore in FY23, accounting for approximately 45% of the total fees paid. Notably, 16 listed public-sector banks alone paid 857 crore, with State Bank of India being the largest contributor with a share of 29%. Among non-banking companies, Reliance Industries emerged as the highest payer of overall fees in FY23.
