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Corporate frauds, IBC cases help audit firm BDO thrive in India

The Belgium-based entity's Indian arm has been mandated for forensic audit of Nirav Modi firms, Mehul Choksi's Gitanjali Gems and several insolvency cases like IVRCL

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Recurring cases of corporate frauds in India and also a spurt in cases of insolvency resolution in recent times have opened up new opportunities for specialised auditing firms.

This has also ushered in good times for Binder Dijker Otte or BDO, one of the leading global accounting and tax advisory firms.

With mandates like a forensic audit of the fugitive Nirav Modi's firms, Mehul Choksi's Gitanjali Gems and several insolvency cases like IVRCL, the Belgium-based entity's Indian arm has grown 100% every year and has significantly upped its India headcount, Stephen Darley, CEO Asia Specific, BDO, told DNA Money.

Although smaller than the Big Four, BDO has created a unique place in the mid-market space with leadership in several verticals. That position was strengthened a month back following BDO's merger with Moore Stephens to create UK's fifth largest accounting firm.

"In India, it's been a confluence of events, all happening at the same time, be it Insolvency and Bankruptcy Code or Goods and Services Tax, and BDO has been in a sweet spot to take on the opportunities. Our Indian arm is the fastest growing office. Against the global growth of about 9-10% annually, in India we have grown by 100% over the past three years," Darley, who operates out of Hong Kong, said.

BDO is also witnessing strong growth in US and China and the recent merger with Moore Stephens, one of its competitors in the UK, has given BDO the topline boost in these countries.

In India, BDO started six years ago with a small team and has grown since then with the headcount having now risen to 2,800 professionals.

"We are no longer smaller in size. We are now the biggest after the big four. Despite this, we hope to continue our robust growth rate higher than any of our Indian competitors," says Milind Kothari, national managing partner, BDO India.

"BDO has remained the fastest growing accounting firm over the past ten years. We would focus on retaining leadership in the mid-market globally. In India, we are number two in handling insolvency resolution cases and a leading firm when it comes to forensic auditing," he claims.

BDO India's experience in forensic auditing has helped it bag along with KPMG an assignment from the Central Bank of Sri Lanka. The Indian arm has been mandated to undertake a forensic audit of the so-called bond scam that rattled the island nation in 2015-16.

RAPID CLIMB

  • BDO India has grown 100% every year and has significantly upped its India headcount to 2,800 professionals
     
  • BDO is also witnessing strong growth in US and China with the recent merger with Moore Stephens providing a topline boost in these countries
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