At a time when many corporate houses are freezing recruitment or even resorting to job cuts, France-based global audit and advisory firm Mazars, which entered the Indian market only two years ago, is set to recruit about 2,000 people in the next couple of years. At present, it has only 400 people.
Mazars has 10,500 people worldwide, and has a special service line targeting small and medium enterprises.
The audit firm sees huge opportunity in India and is also eyeing new cities like Chennai, Hyderabad, Kolkata and Chandigarh to tap in the next few months. “There is huge opportunity for the non ‘big’ audit firms in India especially now with businesses growing rapidly in the country and it is not possible for the Big Four to handle the pressure,” Bharat Dhawan, managing director, Mazars told Hindustan Times.
He was referring to Pricewaterhouse, Ernst and Young, KPMG and Deloitte, which are pre-eminent in auditing work for large clients.
Industry executives say that after the Satyam scandal involving doubts over the role of Pricewaterhouse, prospective employees are relatively more keen to look at opportunities outside the Big Four.
That apart, the Institute of Chartered Accountants of India (ICAI) has also underlined the need for companies to appoint more than one audit firm in the wake of the Satyam fiasco which has adversely affected the image of India Inc.
The government is also examining a proposal to make it mandatory for corporates to rotate audit firms in a bid to bring in more transparency.
“In case these proposals are accepted, auditing standards would not only improve significantly but there would also be an increased need and demand for more audit firms,” said a leading chartered accountant who did not want to be identified.