List of Top 25 Audit Firms and Their Audit Fees

Have Audit fees
changed?...2007
Document Prepared by:

Prime Academy Research Team
Source:
This document is based on secondary information accessed from
reliable databases and available literature.
Caveat: While all care has been taken to ensure that the data and information
provided in this Report is accurate, the Academy will not take any responsibility for
decisions that a company or an audit firm may take on the basis of this report.
1.
The Trigger ---------------------------------------------------------------------------------- 3

Why did we embark on this report? Because there is pretty little
organized data on how much corporates pay to check that their
financial process is in order.
2.
Part 1 Pan India ------------------------------------------------------------------------- 5

We mined data on 400 plus of the 500 companies in the BSE 500
Index to offer answers to such searching questions as Have audit
fees risen in 2007 relative to 2006? What is the composition of audit
cost? Do big companies pay more relative to the risk of the audit
engagement?
3.
Part 2 Sector Analysis ----------------------------------------------------------------- 9

We split our population into 10 industry heads and answer the very
above questions, industry wise. In addition we provide insight into
issues such as Is the growth rate across sectors skewed? We list
out the Best FB
MW rs
3.
Audit Fee by Company Size ---------------------------------------------------------- 9

Composition of Audit fees by Company Size. Absolute Earnings and
Relative percentages.
4.
Industry wise total fees paid to Auditors --------------------------------------- 11

Audit fees broken into Industry Verticals. Number of companies, Total
Fees (Rs) and Growth in fees (percent).
5.
Fees Composition (%) Industry-wise ------------------------------------------- 12

Composition of Audit fees by Industry Vertical.
6.
Best fee Industry-wise -------------------------------------------------------------- 13

Highest fee in the Industry. Which is the Company, who is the Auditor and
what is the Fee.
7.
Lowest fees Industry-wise --------------------------------------------------------- 14

Lowest fee in the Industry. Which is the Company, who is the Auditor and
what is the Fee,
8.
Average Fees & Median fees Industry-wise ---------------------------------- 14
9.
Industry-wise composition of fees and Growth rate --------------------- 15

Composition of Audit fees by Industry Vertical in absolute Rupees along
with Growth rate.
10. Top 25 firms How the fee per audit changed ------------------------------- 19
The Top 25 firms by number of audits. The Average fee charged per
audit, the fee per Rupee of Turnover. The Best fee and Lowest fee.
11. Ranking of firms 2007 and 2006 --------------------------------------------------- 20
Top 50 audit firms in 2007 ranked on the basis of three parameters. The
corresponding rank in 2006.
12. Industry wise share of the Top auditors ----------------------------------------- 22
What is the share of the Top 5 auditors (By fee charged) in each
Industry.
13. Industry wise Top Auditors (Based on fee charged per Audit) ---------- 25
AUDIT FEE ANALYSIS 2007
The Trigger:
In 2007, India spent 0.01319% of its turnover on audit related fees. That is, for
every Rs 100,000 that it clocked as turnover it spent Rs 13.2 to confirm that its
financial processes were in order.
If you said, Hey, that isnt much, take a look at recent history. The corresponding
number for 2006 was Rs 13.0 and that for 2005 was Rs 14.1. Interestingly, in 2007
the total audit fees rose by 34% while India Incs turnover went up by 32%. Surely,
auditors shouldnt be complaining.
194 audit firms audited the 437 companies in our sample. This means that on an
average, each firm audited about 2 companies. And if you consider the fact that
149 firms audited one company apiece, you realize that while the audit space is
crowded, it is cornered by a handful of auditors.
In 2005, when we wrote the first-of-its-kind research report on Who are Indias Top
Auditors, we worked on a population of 1,394 companies. These were picked on
a what-were-available basis. To us that sample was fine since it also happened to
cover 80% of Indias 1,000 most valuable companies as named by the magazine
Business Today. Now, two years down the road, in 2007, our focus is a shade
different. Our research is now not focused primarily on who are Indias Top
Auditors. Instead our focus is on:
a. How much is the audit cost
b. What is the composition of this cost
c. How has this cost moved over time
d. Is this cost significant and
e. Is there a sort of racism in the profession in that do some firms get away
with a lot more fees than the others.
In the process we also track who are Indias top auditors!
The principal trigger for this report was a corporates query on whether increase in
audit fees was a rule or an exception. And we realized that there was no organized
data on it. Worse still, for the public there is no ready made information about the
composition of audit fees; for the companies there is no easy to find data on what
their auditors charge others; for the auditors there is no single point reference on
PRIME ACADEMY
what their peers charge their clients. So whichever way one turned, the gyan was
missing! We decided to step in to fill the gap.
We chose to look only at the companies that form the broad-based BSE 500 Index.
Of-course this would mean that we would have a small sample. But thats par on
course because by covering the BSE 500 we would actually be covering 91% of
the market capitalization and 73% of the Year 2007 turnover of the companies
listed on Indias bourses. All said, public interest lies only in these companies and
not in the scores of unlisted companies and partnership firms.
From the list of 500 we dropped banks because their presence would distort both
the turnover and the audit fees. Also since banks are audited by several auditors,
it would be nearly impossible for us to know who audited which branch. We also
dropped those companies for which full data in the manner required by us was not
available. In that way we had to do away with 84 companies. We then added 21
companies to make a few industry verticals representative. This took the total tally
to 437 companies, our final sample population. Of the 437 companies data for 424
companies (97% of the sample) was current in that they had their year ending any
day after March 31, 2006.
At 437, the sample may appear unimpressive but remember it accounts for a
market capitalization of Rs 51,839,409 million. Thats approximately 76% percent
of BSEs total market capitalization as on 6th Dec 07.
Part 1: Pan India

Finding 1: Audit fees have risen
We begin with the principal question namely, Have audit fees during the year
2007 gone up. For an answer, have a peek at the Big Picture.
Table 1: The Big Picture
Rs. Million
Head
FY 2007*
Stat audit
1,333.58
59.5%
1,044.02
62.3%
27.7%
Taxation
178.00
7.9%
141.31
8.4%
26.0%
Certification
242.99
10.9%
163.94
9.8%
48.2%
Out of Pocket
131.40
5.9%
90.12
5.4%
45.8%
Others
353.37
15.8%
236.96
14.1%
49.1%
Total
Composition
FY 2006
Composition
% Growth
2,239.345
PRIME ACADEMY
Finding 3: Do the big companies pay better?

The answer to this third question was easier to crack. To find the answer we
split the companies into five categories on the basis of their Year 2007 Turnover
companies with turnover under Rs 1,000 crore (Low turnover), those under Rs
2,500 crore (Small turnover), those under Rs 5,000 crore (Medium turnover), those
under Rs 10,000 crore (High turnover) and those that had touched the magic
figure of Rs 10,000 crore (Super-high turnover).
The low and small turnover companies, representing the large underbelly of
Indias companies, accounted for 78 % of the sample size and only 17% of
the sample turnover. The high end companies, namely the high and superhigh, accounted for 13% of the sample size and 74% of the sample turnover.
Clearly Paretos law was at work!
The growth in total audit fees across these 5 categories hasnt been consistent.
While the low turnover companies saw their aggregate audit expenditure rise
by 37%, the small turnover companies had an increase of 23%. In contrast,
the medium turnover companies spent 45% extra. At the high end, the high
turnover companies had their audit fees rise by 41% while the super high
turnover companies paid their auditors more by 33%. Clearly, there is no
discernible pattern.
Whereas the audit fee to turnover percent at the macro level has been flat across
two years, (0.013% ie Rs 13 per Rs 1 Lakh of turnover) suggesting that there is some
relationship between fees and turnover, the interesting find is that this percent is
significantly higher in the case of the Low Turnover companies inidcating perhaps
that audit fees is more flat than variable. This is largely confirmed by the fact that
the correlation between audit fee and turnover is 0.38
Table 2: Does size drive fees?

Turnover
(Rs crore)
Category
No of
Companies
<1000
Low
218
959,162
5.6%
49.9%
37.0%
0.051%
1000-2499
Small
121
1,992,149
11.7%
27.7%
23.3%
0.028%
2500-4999
Medium
40
1,413,502
8.3%
9.2%
44.7%
0.020%
5000-9999
High
27
1,902,027
11.2%
6.2%
41.4%
0.016%
Super high
31
10,715,993
63.1%
7.1%
32.8%
0.006%
437
16,982,832
100.0%
100.0%
33.5%
0.013%
> 10000
Grand Total
Turnover
Rs million
% of
Turnover
% of
Fee
Companies growth
Audit fee to
turnover CY
Table 3: Audit Fee By Company Size
(Rs. Million)
FY 2007
Composition
FY 2006
Composition % Growth
Stat audit
305
61.8%
233
64.7%
30.7%
Taxation
40
8.1%
33
9.2%
20.9%
Certification
57
11.6%
37
10.3%
54.5%
OOP*
17
3.3%
13
3.6%
27.3%
Others
75
15.2%
44
12.2%
70.8%
Total
494
100.0%
360
100.0%
37.0%
Low (<1000 crore)
Small (1000-2499 crore)

Stat audit
320
57.3%
259
57.3%
23.4%
Taxation
44
7.8%
38
8.4%
14.9%
Certification
68
12.2%
54
12.0%
26.3%
OOP
32
5.7%
23
5.0%
40.3%
Others
94
16.9%
78
17.3%
20.2%
Total
558
100.0%
452
100.0%
23.3%
Medium (2500-4999 crore)

Stat audit
160
58.1%
127
66.3%
26.7%
Taxation
24
8.7%
17
9.1%
38.6%
Certification
26
9.5%
10
5.1%
171.1%
OOP
12
4.2%
10
5.2%
15.9%
Others
54
19.5%
27
14.3%
97.5%
Total
276
100.0%
191
100.0%
44.7%
Stat audit
154
51.5%
125
58.9%
23.4%
Taxation
36
12.1%
25
11.9%
43.9%
Certification
15
5.0%
11
5.2%
36.6%
OOP
35
11.8%
12
5.6%
199.5%
Others
59
19.6%
39
18.4%
50.7%
Total
299
100.0%
211
100.0%
41.4%
High (5000-9999 crore)
Super high (>10,000 crore)

Stat audit
395
64.4%
301
65.1%
31.4%
Taxation
34
5.6%
28
6.0%
22.9%
Certification
76
12.4%
52
11.3%
46.0%
OOP
36
5.9%
33
7.1%
10.8%
Others
72
11.7%
49
10.5%
47.8%
Total
613
100.0%
462
100.0%
32.8%
GRAND TOTAL
2,239
1,676
33.6%
*Out of pocket expenses
PRIME ACADEMY
10
Part 2: Sector Analysis

We split the 437 companies into 10 industry heads based on the Global Industry
Classification Standards (GICS). A brief mention of what marks the various
industries is given in Annexure A.
Finding 1: The growth rate is skewed

A snapshot of the total fee of the two years along with the growth percent is given
below:
Table 4: Industry-wise total fees paid to auditors

Number of
companies
Total Fees
2007
Total Fees
2006
Growth %
Consumer Discretionary
70
236
190
24%
Consumer Staples
28
154
124
24%
Energy
19
172
146
18%
Financials
26
137
77
78%
Health Care
35
139
125
11%
Industrials
100
442
313
41%
Information Technology
54
297
209
42%
Materials
83
383
313
22%
Telecommunication Services
193
104
86%
Utilities
15
87
75
16%
Total
437
2,239
1,676
34%
Industry
For sure, there has been an across the board growth with each sector registering
double digit growth.
The principal gainers were the auditors of the Telecommunication Services where
the hike was a whopping 86%. The Financials vertical elected to increase the
cost of audit by 78%. Both Industrials (41%) and Information Technology (42%),
too chose to increase fees handsomely. Incidentally no vertical saw a fall in fee.
Health Care (11%), Utilities (16%) and Energy (18%) clocked the lowest growth
rates.
The growth across industry verticals has however been skewed given that the
standard deviation of growth for the population was large at 15%.
PRIME ACADEMY
11
Finding 2: Fee composition percentage across Industry

A look at Table 5 tells the story of fee composition across industry verticals, how
they changed during the year and which vertical had the highest and lowest
percent in each fee compostion.
Table 5: Fee composition in percent

Industry
Year
Stat audit Taxation Certification
Others
Total
Consumer
Discretionary
FY 2007
64%
9%
10%
3%
14%
100%
FY 2006
63%
8%
12%
4%
13%
100%
Consumer Staples
FY 2007
54%
15%
3%
6%
23%
100%
FY 2006
57%
17%
3%
8%
15%
100%
FY 2007
58%
2%
25%
9%
5%
100%
FY 2006
55%
3%
31%
8%
4%
100%
FY 2007
63%
6%
13%
3%
16%
100%
FY 2006
76%
6%
5%
3%
10%
100%
FY 2007
63%
8%
10%
6%
13%
100%
FY 2006
61%
9%
11%
7%
12%
100%
FY 2007
57%
9%
9%
10%
15%
100%
FY 2006
65%
10%
9%
5%
12%
100%
Information
Technology
FY 2007
66%
6%
12%
4%
12%
100%
FY 2006
72%
7%
6%
4%
11%
100%
Materials
FY 2007
53%
10%
10%
7%
21%
100%
FY 2006
52%
10%
10%
7%
22%
100%
Telecommunication FY 2007
Services
FY 2006
65%
3%
13%
2%
18%
100%
75%
3%
4%
1%
18%
100%
Utilities
FY 2007
57%
11%
2%
5%
25%
100%
FY 2006
59%
9%
1%
4%
27%
100%
FY 2007
60%
8%
11%
6%
16%
100%
FY 2006
62%
9%
10%
5%
14%
100%
Energy
Financials
Health Care
Industrials
AVERAGE
Best Fee
12
OOP
Lowest Fee
Finding 3: The Best ... and the Worst Fees

The Best fee in terms of absolute amount paid was in the Telecom sector. Bharthi
Airtel paid its auditors Price Waterhouse a huge Rs 103 M. The fifth biggest fee was
way down at Rs 40 M. Jet Airways paid its auditors Chaturvedi & Shah that amount.
COMPANY
Bharthi Airtel Ltd
Reliance Industries Ltd
Reliance Communication Ltd
Tata Motors Ltd
Jet Airways India Ltd
AUDITOR
Price Waterhouse
Chaturvedi & Shah
BSR & Co
Deloitte Haskins & Sells
Chaturvedi & Shah
FEES
103
88
61
42
40
In respect of each of the 10 Industries, the Best, the Worst, the Average and the
Median fees are laid out.
In eight out of the 10 industries, the top grosser was one amongst the audit Big
4. Chaturvedi and Shah (Reliance Industries; Energy) as also N M Raiji & Co
(Indian Hotels; Consumer Discretionary) were the exceptions.
The best average fees ( Rs 27.6 M) was in the Telecom sector. Energy, the
second best was by contrast, streets behind at Rs 9.1 M. At Rs 3.4 M, Consumer
Discretionary had the lowest average fees.
The best median fees lies in the Telecom sector and the worst is in the Utilities
sector.
Based on audit fee as a % of turnover, the Financials, Telecom, Healthcare, and
Information Technology sectors are great paymasters while Energy at 0.003%
is way behind the pan India mark of 0.013%.
Table 6: BEST FEE

Company
Industry
Auditor
Rs M
Tata Power Ltd
Utilities
29.70
Bharthi Airtel Ltd
Telecom Services
Price Waterhouse
102.53
Tata Steel Ltd
Materials
28.59
TCS Ltd
S B Billimoria & Co
18.30
Tata Motors Ltd
Industrials
41.93
Nicholas Piramal India Ltd
Health Care
Price Waterhouse
13.70
Kotak Mahindra Bank Ltd
Financials
S B Billimoria & Co
26.75
Reliance Industries Ltd
Energy
Chaturvedi & Shah
87.70
Hindustan Unilever Ltd
Consumer Staples
Lovelock & Lewes
37.80
Indian Hotels Co Ltd
N M Raiji & Co
16.20
PRIME ACADEMY
13
Table 7: LOWEST FEE

Company
INDUSTRY
AUDITOR
Rs M
Gujarat State Petronet Ltd
Utilities
T N Shah & Co
0.13
Tulip IT Services Ltd
Telecom Services
R Chadha & Associate
0.67
Anant Raj Industries Ltd
Materials
B Bhushan & Co
0.12
Vakrangee Software Ltd
S K Patodia & Associates
0.10
Punj Lloyd Ltd
Industrials
S R Batliboi & Co
0.02
Sun Pharmaceuticals
Health Care
0.11
BSEL Ltd
Financials
Raju And Prasad
0.11
Reliance Indus., Infra Ltd
Energy
Chaturvedi & Shah
0.15
Triveni Groups Ltd
Consumer Staples
J C Bhalla & Company
0.09
Donear Ltd
M.L. Bhuwania & Co
0.04
Table 8: AVERAGE & MEDIAN FEES

Industry
Percent to
turnover CY*
Percent to
turnover PY*
Utilities
5.77
1.71
0.011%
0.011%
27.62
5.30
0.037%
0.044%
Materials
4.61
2.82
0.014%
0.015%
5.49
3.72
0.029%
0.027%
Industrials
4.42
1.78
0.017%
0.017%
Health Care
3.96
2.90
0.030%
0.036%
Financials
5.29
3.26
0.042%
0.040%
Energy
9.07
2.72
0.003%
0.003%
Consumer Staples
5.50
3.18
0.023%
0.023%
3.37
2.41
0.017%
0.019%
5.12
2.72
0.013%
0.013%
ALL INDIA
*CY is 2007 & PY is 2006
14
Average Fees Median Fees

(Rs M)
(Rs M)
Table 9: Industry wise composition of fees (Rs M)... and Growth

Industry
Year
Stat audit
Taxation
Certification
OOP
Others
Total
Consumer
2007
152
21
24
32
236
Discretionary 2006
120
15
22
25
190
26%
40%
9%
(16%)
29%
24%
2007
83
23
35
154
2006
71
21
10
18
124
Growth
16%
10%
8%
(10%)
92%
24%
2007
101
44
15
172
2006
80
45
11
146
25%
(11%)
(3%)
36%
68%
18%
2007
86
18
22
138
2006
59
78
46%
70%
338%
100%
173%
77%
2007
87
11
14
18
139
2006
76
11
14
15
125
Growth
14%
3%
(3%)
0%
23%
11%
2007
252
40
41
45
64
443
2006
202
32
27
16
36
313
Growth
25%
25%
51%
181%
78%
41%
2007
197
18
34
12
36
297
2006
150
14
13
24
209
Growth
31%
26%
164%
50%
51%
42%
2007
201
37
37
26
81
383
2006
163
30
30
23
68
313
Growth
24%
24%
25%
13%
20%
22%
2007
125
25
34
193
2006
78
18
104
61%
120%
528%
200%
86%
86%
2007
50
10
22
87
2006
44
20
74
Growth
13%
49%
103%
33%
9%
17%
Total
2007
1,334
178
243
133
353
2,241
Total
2006
1,044
141
164
90
237
1,676
Growth
28%
26%
48%
48%
49%
34%
Growth
Consumer
Staples
Energy
Growth
Financials
Growth
Health Care
Industrials
Information
Technology
Materials
Telecom
Services
Growth
Utilities
PRIME ACADEMY
15
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Annexure: Sector Definitions

Consumer Discretionary Sector
Includes those industries that are most sensitive to economic cycles. Its
manufacturing segment includes automotive, household durable goods, textiles
& apparels and leisure equipments. The services segment includes hotels,
restaurants and other leisure activities, media production and services, and
consumer retailing services.
Consumer Staple Sector

Includes companies w
producers
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Distri consumer
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of basic healthcare services and owners and operators of healthcare facilities

and organizations. Companies primarily involved in the research, development,
production and marketing of pharmaceuticals and biotechnology products.
Information Technology Sector

Covers technology software & services, including companies that primarily
develop software in various field such as internet, applications, systems, databases
management and/or home entertainment, and companies that provide information
technology and consulting as well as data processing and outsourced services;
Also covers technology and hardware equipment; Includes semiconductors and
semiconductor equipment manufacturers.
Material Sector
Covers commodity-related manufacturing industries and includes companies that
manufacture chemicals, construction materials, glass, paper, forest products and
related packaging products, metals, minerals and mining companies, including
producers of steel.
Telecommunications Services Sector

Contains companies that provide communication services primarily through a
fixed-line, cellular, wireless, high bandwidth and/or fiber optic cable network.
Utilites Sector
Covers those companies which are into electric, gas or water utilities, or companies
that operate as independent producers and/or distributors of power.
PRIME ACADEMY
17
Part 3: The Audit Firms

After the macro picture and the industry analysis, we move on to the final segment,
auditor analysis.
Finding 1: The space is crowded

194 audit firms audited the 437 companies in our sample. Ofcourse some were
small and others were big in terms of the number of companies audited.
Number of Audits
1
2
3
4
5
6
7
8
9
>9
Total
Number of firms
149
20
7
0
4
3
3
1
1
6
194
Companies
149
40
21
0
20
18
21
8
9
151
437
The composition of audit firms clearly indicates that the audit space is crowded.
Notice that 194 firms audited the 437 companies in the sample. Thats about 2
companies per firm. The data also conclusively proves that the audit space is
dominated by a select few. Notice that just 6 of the 194 firms have a client base of
more than 9 in the sample. They take up 151 of the 437 audits indicating that just
6 3% of the firms audit 34.6% of the population.
Between them, the Big Four namely Deloitte Haskins & Sells, including A F
Ferguson (57), Price Waterhouse (25), S R Batliboi & Co (25) and BSR & Co (17)
audit 124 companies. Very interestingly, 149 firms audit 1 company apiece. That
is, 76% of the firms audit 34.5% of the population. The message: the big players
have a huge share of the cake.
Finding 2: They do not charge alike

It has been one of the enigmas in the audit profession: namely, how much to bill
for service rendered. Should it be based on volume of work? If so, how is volume
determined? Should it be based on the risk involved? If so, how is risk determined?
Or is it simply what-the-traffic-can-bear? Thats a question for which one can
arrive at a formal answer only through a process of interviewing the auditors. But
auditors are known to be tightlipped when it comes to issues such as these.
18
We use turnover as an indicator of size and of risk inherent in an audit engagement.

The disconnect in pricing among the players becomes evident as we dwell deeper
into the fee to turnover percent. While the industry average is 0.013% of turnover, the
top 20 charge 0.018% and the rest of the pack averages just 0.006%. The percentage
relating to the top 20 might look attractive but dives down considerably to 0.009% if
you remove the Big 4 who average a phenomenal 0.027%. A low down of what the
Top 25 firms (by number of audits) earned per audit, how it changed during the year
and what has been the fee per Rupee of turnover is given in Table 10.
Table 10: Top 25 (By no. of Audits) How the fee per audit changed
Audit firm
Rs Million
Percent
Fee/Audit Fee/Audit Fee/Turn Fee/Turn
Audits
CY
PY
CY
PY
Rs Million
Max
Min
fees
fees
47
6.63
5.09
0.025%
0.025%
41.93
0.11
Price Waterhouse
40
8.64
6.40
0.044%
0.043%
102.53
0.34
S R Batliboi & Co
25
7.44
5.99
0.031%
0.036%
24.90
0.02
BSR & Co
17
9.51
4.85
0.023%
0.024%
61.40
1.55
Dalal & Shah
12
7.33
5.31
0.027%
0.027%
22.60
1.85
A F Ferguson & Co
10
8.44
7.99
0.018%
0.021%
23.60
2.80
S B Billimoria & Co
11.18
8.98
0.021%
0.025%
26.75
0.86
Chaturvedi & Shah
19.19
12.37
0.009%
0.009%
87.70
0.15
Lovelock & Lewes
9.00
8.68
0.027%
0.029%
37.80
1.69
N M Raiji & Co
5.97
4.42
0.004%
0.004%
16.20
0.31
S R Batliboi & Associates
3.30
1.86
0.023%
0.024%
7.44
0.39
B K Khare & Co
3.10
2.45
0.032%
0.032%
4.60
1.37
Kalyaniwalla & Mistry
3.72
3.32
0.033%
0.033%
5.60
0.19
Lodha & Co
1.85
1.79
0.015%
0.020%
3.80
0.73
C C Chokshi & Co
1.98
1.73
0.015%
0.010%
4.96
0.63
Haribhakti & Co
2.14
1.66
0.028%
0.029%
3.11
0.96
MGB & Co
3.60
3.51
0.032%
0.039%
7.80
1.51
Sharp & Tannan
5.73
4.43
0.010%
0.010%
13.80
0.13
CNGSN & Associates
2.64
1.32
0.074%
0.039%
4.95
1.00
Khimji Kunverji & Co
6.13
3.20
0.022%
0.018%
14.20
1.06
RSM & Co
3.20
1.81
0.043%
0.035%
6.40
1.24
Sorab S Engineer
4.30
3.06
0.043%
0.032%
9.70
1.21
Sundaram & Srinivasan
2.31
1.99
0.007%
0.007%
2.53
2.00
V Sankar Aiyar & Co
1.55
1.50
0.000%
0.001%
2.72
0.66
Walker Chandiok & Co
10.93
5.93
0.035%
0.027%
18.86
3.83
PRIME ACADEMY
19
Finding 3: Ranking of Auditors

To find out the Big Boys , we ranked the audit firms on the basis of three parameters.
Namely, the number of companies audited, the total audit fee earned and the
total turnover audited. While there can always be quarrels over the choice of
parameters, we think that these three clearly demonstrate the size and stature of
audit firms.
We began by ranking the firms on the basis of each of the three parameters.
Where two or more firms tied for a rank we used the concept of Skip Ranking.
For example, if 3 firms tied for the 7th rank, all three were assigned the 7th rank
with the next firm being ranked 10th. After assigning the ranks we gave these ranks
weights. 40% weight for rank based on fee earned, 35% weight for rank based on
Table 11: Ranking - Comparitive 2007

RANKING SUMMARY
Price Waterhouse
Chaturvedi & Shah
S R Batliboi & Co
BSR & Co
S B Billimoria & Co
N M Raiji & Co
A F Ferguson & Co
Dalal & Shah
Lovelock & Lewes
Sharp & Tannan
T R Chadha & Co
K K Soni & Co
S N Guha & Co
Suresh Chandra & Associates
B K Khare & Co
Lodha & Co
MGB & Co
Singhi & Co
C C Chokshi & Co
V Sankar Aiyar & Co
20
Rank 2007
Rank 2006
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1
2
3
4
5
8
7
6
9
10
11
17
12
16
14
13
15
18
24
21
20
22
25
19
23
2007 Rank based on

FEE
TURNOVER AUDITS
2
3
1
1
7
2
5
2
8
3
9
3
4
8
4
6
10
7
10
5
9
8
11
6
7
14
5
9
19
9
12
16
15
14
27
9
17
12
26
11
28
19
16
6
46
15
35
12
13
13
46
24
1
46
19
30
19
18
38
12
25
31
12
20
39
15
21
21
46
30
36
15
56
4
19
turnover audits and 25% weight for rank based on number of audits. The weighted
ranks were then aggregated and the firm with the best aggregate rank was named
first. Similar ranking was done for 2006 in order to arrive at comparatives.
A study of the ranking pattern clearly indicate the huge presence of what the Audit
World knows as the Big 4.
Seven of the top 10 belong to the Big 4. Three of them belong to the Deloitte
brand namely Deloitte Haskins & Sells (Rank #1), S B Billimoria & Co (#6) and A F
Ferguson & Co (#8); and two belong to the PwC staple namely Price Waterhouse
(#2) and Lovelock & Lewis (#10). Also making its presence felt is BSR & Co (#5),
the Indian arm of audit major KPMG. Completing the roll call is S R Batliboi & Co
(#4), the Indian representative of Ernst & Young.
RANKING SUMMARY
Haribhakti & Co
G P Kapadia & Co
Sorab S Engineer
Mehra Goel & Co
Price Waterhouse Coopers
Kadam & Co
M S Krishnaswami & Rajan
Ray & Ray
Goel Garg & Co
RSM & Co
S V Ghatalia & Associates
Shah & Co
Price Waterhouse LLP
Sharma Goel & Co
G Basu & Co
Dhawan & Co
S S Kothari Mehta & Co
P D Kunte & Co
K S Aiyar & Co
Karnavat & Co
S N Dhawan And Co
K K Mankeshwar & Co
K M Agarwal & Co
Rank 2007
Rank 2006
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
27
26
35
28
30
29
31
32
34
33
64
44
41
38
46
40
43
36
47
42
48
37
39
45
58
2007 Rank based on

FEE
TURNOVER AUDITS
27
43
15
40
26
19
29
25
46
46
22
26
23
54
19
49
20
26
36
24
46
35
32
46
37
33
46
39
51
26
28
50
46
31
67
19
38
59
26
51
46
26
43
60
26
68
18
46
50
56
26
52
40
46
65
41
26
64
29
46
48
65
26
53
47
46
45
58
46
33
72
46
42
63
46
PRIME ACADEMY
21
Finding 4: The big players take a vice-like grip

We identified the top 5 auditor in each vertical. A quick number crunching suggests
that the top 5 auditors of each vertical take up a huge percent of the audit fee in
their respective vertical.
Table 12: Industry-wise share of the Top 5 auditors on the total fees
Industry
Utilities
Materials
Industrials
Health Care
Financials
Energy
Consumer Staples
TOTAL
TOP 5 auditors
% share
92%
99%
51%
78%
57%
78%
78%
90%
79%
48%
69%
Others %
Share
8%
1%
49%
22%
43%
22%
22%
10%
21%
52%
31%
Total
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Take Industrial for instance. While this vertical consists of 100 companies, just 5
audit firms take up 57% of the audit fee. Similarly in Material of the 83 companies,
the top 5 take home 51% of the audit cost. Another example is Information
Technology. The top 5 from a population of 54 encash 78% of the cake. Except for
two verticals in the case of the rest more than 50% of the fee goes to the biggies.
The moral: It pays to be big.
22
WAY AHEAD
There are clear signs of the winds of change.
Audit fees are beginning to rise as public accounting firms begin to pay higher to
retain talent. Gone are the days when audit could be done for a small price. The
risks in audit engagements are on the rise. The regulating authorities no longer
treat the audit firms with kid gloves. The profession is now a business. And
Corporates have to pay for value.
The sunrise sectors like telecom, Information Technology, Health Care and Energy
have all been captured by a handful of players. Almost everywhere more than
50% of the sector is captured by a select few. Any boom here would lead to a
boom for these few audit firms. Audit engagements are rapidly changing hands
as brand has become increasingly important. A consolidation of sorts among the
audit fraternity is for sure. Survival will be that of the fittest.
PRIME ACADEMY
23
Table 13: Industry-wise Top Auditor (Based on fee charged)

SECTOR
Auditor
Utilities
0.06
19.17
Price Waterhosue
9.35
3.03
12.38
Lovelock & Lewes
2.40
3.40
5.80
Mehra Goel & Co
2.10
1.50
3.60
TOP 5 AUDITORS
54.76
25.19
79.95
4.60
2.02
6.61
TOTAL
59.36
27.20
86.56
Price Waterhouse
67.00
35.53
102.53
BSR & Co
43.30
18.10
61.40
S B Billimoria & Co
13.00
4.20
17.20
1.90
3.40
5.30
Dhawan & Co
4.36
0.93
5.29
129.56
62.16
191.72
1.52
0.08
1.60
131.08
62.24
193.33
S R Batliboi & Co
41.68
25.15
66.83
33.03
15.10
48.12
Dalal & Shah
11.16
17.13
28.29
Price Waterhouse
18.99
8.95
27.94
9.50
14.80
24.30
TOP 5 AUDITORS
114.35
81.13
195.47
OTHERS
123.89
63.14
187.03
TOTAL
238.24
144.27
382.50
Price Waterhouse
69.52
29.14
98.66
BSR & Co
49.07
3.68
52.75
22.69
23.27
45.97
S B Billimoria & Co
17.30
5.94
23.24
7.24
4.24
11.48
165.83
66.27
232.10
48.88
15.62
64.50
214.71
81.89
296.60
OTHERS
TOTAL
S N Guha & Co

TOP 5 AUDITORS
OTHERS
TOTAL
24
Total
2007
39.00
19.11
TOP 5 AUDITORS
Materials
All Others
2007
17.20
T R Chadha & Co
OTHERS
Stat + Tax
Audit 2007
21.80
Stat + Tax
Audit 2006
16.50
All Others
2006
11.55
Total
2006
28.05
No of Fee to turnover Fee to turnover

audits
% 2007
% 2006
2
0.055%
0.045%
Fee/Audit
2007
19.50
20.09
0.03
20.12
0.005%
0.007%
9.59
5.45
2.00
7.45
0.019%
0.019%
6.19
1.70
6.50
8.20
0.023%
0.0132%
5.80
2.10
1.20
3.30
0.002%
0.002%
3.60
45.84
21.28
67.12
0.011%
0.012%
9.99
4.80
2.81
7.62
0.012%
0.010%
0.94
50.64
24.09
74.74
15
0.011%
0.011%
5.77
63.30
18.66
81.96
0.056%
0.070%
102.53
0.20
0.20
0.036%
NA
61.40
9.80
2.60
12.40
0.020%
0.027%
17.20
1.90
1.50
3.40
0.038%
0.031%
5.30
4.27
0.68
4.95
0.009%
0.009%
5.29
79.47
23.44
102.91
0.038%
0.045%
38.34
1.05
0.13
1.18
0.017%
0.021%
0.80
80.52
23.57
104.09
0.037%
0.044%
27.62
36.96
24.15
61.11
0.026%
0.031%
9.55
29.52
14.57
44.09
0.010%
0.013%
8.02
8.16
5.70
13.85
0.031%
0.026%
9.43
12.69
8.30
20.99
0.039%
0.034%
4.66
7.90
14.50
22.40
0.007%
0.008%
24.30
95.22
67.21
162.44
23
0.016%
0.017%
8.50
97.44
53.46
150.89
60
0.012%
0.014%
3.12
192.66
120.67
313.33
83
0.014%
0.015%
4.61
52.08
20.89
72.96
10
0.042%
0.032%
9.87
39.81
3.90
43.71
0.015%
0.018%
8.79
18.75
2.47
21.22
0.048%
0.032%
6.57
16.60
4.00
20.60
0.012%
0.015%
11.62
5.90
2.01
7.91
0.046%
0.080%
5.74
133.14
33.27
166.41
27
0.026%
0.024%
8.60
30.81
11.72
42.53
27
0.056%
0.049%
2.39
163.95
44.99
208.94
54
0.029%
0.027%
5.49
PRIME ACADEMY
25
SECTOR
Auditor
Industrials
S R Batliboi & Co
Health Care
Energy
10.32
69.97
Chaturvedi & Shah
16.80
23.00
39.80
Dalal & Shah
33.90
4.67
38.57
Price Waterhouse
18.24
15.61
33.85
TOP 5 AUDITORS
169.70
83.35
253.05
OTHERS
122.81
66.39
189.20
TOTAL
292.51
149.73
442.25
Price Waterhouse
25.99
9.99
35.98
19.40
11.18
30.58
BSR & Co
11.47
4.55
16.02
S R Batliboi & Co
12.19
3.27
15.46
7.59
2.51
10.10
TOP 5 AUDITORS
76.65
31.50
108.14
OTHERS
21.49
8.93
30.42
TOTAL
98.14
40.43
138.56
S B Billimoria & Co
38.25
8.17
46.42
16.19
4.39
20.58
5.74
13.13
18.86
Shyam Snder Mangala & Co
4.50
6.59
11.09
Goel Garg & Co
9.82
0.67
10.49
TOP 5 AUDITORS
74.49
32.95
107.44
OTHERS
19.57
10.43
30.00
TOTAL
94.06
43.38
137.44
Chaturvedi & Shah
65.55
33.90
99.45
6.37
15.32
21.69
11.93
3.79
15.72
6.60
5.00
11.60
3.81
1.98
5.79
94.26
59.99
154.25
9.98
8.07
18.05
104.24
68.06
172.30
TOP 5 AUDITORS
OTHERS
TOTAL
Total
2007
70.86
59.64
K K Soni & Co
26
All Others
2007
29.74
Financials
Stat + Tax
Audit 2007
41.12
Stat + Tax
Audit 2006
36.76
All Others
2006
11.28
Total
2006
48.04

audits
% 2007
% 2006
7
0.031%
0.039%
Fee/Audit
2007
10.12
44.96
11.17
56.12
0.017%
0.018%
10.00
4.30
1.40
5.70
0.056%
0.010%
39.80
28.39
4.05
32.44
0.057%
0.063%
9.64
15.18
5.73
20.91
0.036%
0.046%
4.84
129.58
33.63
163.21
26
0.029%
0.028%
9.73
104.59
45.45
150.04
74
0.011%
0.012%
2.56
234.18
79.08
313.25
100
0.017%
0.017%
4.42
21.95
6.99
28.95
0.065%
0.069%
9.00
15.06
11.70
26.76
0.042%
0.047%
4.37
12.41
4.54
16.95
0.021%
0.051%
5.34
10.82
5.00
15.82
0.025%
0.034%
3.09
7.67
2.78
10.45
0.017%
0.020%
10.10
67.90
31.01
98.92
20
0.033%
0.043%
5.41
19.49
6.14
25.63
15
0.022%
0.023%
2.03
87.40
37.15
124.54
35
0.030%
0.036%
3.96
29.97
5.10
35.08
0.037%
0.040%
11.60
11.67
3.41
15.08
0.060%
0.088%
4.12
4.00
1.62
5.62
0.072%
0.049%
18.86
4.15
4.15
0.077%
0.051%
11.09
3.83
0.48
4.31
0.032%
0.045%
10.49
53.63
10.62
64.24
12
0.046%
0.048%
8.95
10.16
2.70
12.86
14
0.033%
0.023%
2.14
63.79
13.32
77.10
26
0.042%
0.040%
5.29
48.55
33.80
82.35
0.008%
0.009%
33.15
5.95
11.94
17.89
0.003%
0.003%
21.69
14.83
6.13
20.95
0.070%
0.139%
5.24
5.20
3.80
9.00
0.001%
0.001%
11.60
3.31
1.63
4.94
0.020%
0.018%
2.90
77.84
57.30
135.14
10
0.004%
0.004%
15.42
6.49
4.55
11.05
0.001%
0.001%
2.01
84.33
61.85
146.18
19
0.003%
0.003%
9.07
PRIME ACADEMY
27
SECTOR
Auditor
Consumer Staples
Lovelock & Lewes
Total
2007
49.34
22.19
6.41
28.60
Price Waterhouse
7.74
9.56
17.30
Vishnu Ram & Co
5.80
7.69
13.49
11.88
0.54
12.42
TOP 5 AUDITORS
85.50
35.66
121.16
OTHERS
20.28
12.60
32.89
105.79
48.26
154.05
A F Ferguson & Co
22.90
10.93
33.83
16.97
6.84
23.81
N M Raiji & Co
15.10
6.38
21.48
Dalal & Shah
12.24
4.61
16.84
S R Batliboi & Co
10.74
5.82
16.56
TOP 5 AUDITORS
77.94
34.58
112.52
OTHERS
95.52
27.72
123.24
173.46
62.30
235.76
TOTAL
28
All Others
2007
11.45
A F Ferguson & Co
TOTAL
Stat + Tax
Audit 2007
37.89
Stat + Tax
Audit 2006
36.81
All Others
2006
10.00
Total
2006
46.81

audits
% 2007
% 2006
3
0.026%
0.028%
Fee/Audit
2007
16.45
20.12
7.67
27.79
0.018%
0.022%
14.30
6.23
2.33
8.56
0.038%
0.023%
5.77
4.40
2.91
7.31
0.806%
0.404%
13.49
8.28
0.22
8.50
0.102%
0.083%
6.21
75.83
23.13
98.97
11
0.030%
0.029%
11.01
16.46
8.82
25.28
17
0.013%
0.012%
1.93
92.29
31.96
124.25
28
0.023%
0.023%
5.50
18.85
11.43
30.28
0.013%
0.016%
8.46
9.52
5.52
15.04
0.031%
0.028%
3.40
12.52
2.92
15.43
0.044%
0.041%
5.37
11.49
4.27
15.75
0.011%
0.013%
5.61
7.88
5.69
13.57
0.068%
0.069%
5.52
60.24
29.83
90.07
21
0.020%
0.021%
5.36
75.33
24.52
99.85
49
0.015%
0.018%
2.52
135.58
54.34
189.92
70
0.017%
0.019%
3.37
PRIME ACADEMY
29
Participating Audit Firms Their Ranks

RANK
2007
A F Ferguson & Co
8
A M Ghelani & Company
178
A. Husein Noumanali & Co.
125
A.J. Shah & Co.
91
Agarwal Prasad & Co
164
Allani Mahender
102
Amar & Raju
180
Anand Shenoy & Co
167
Ankit & Co
124
Anupam Bansal & Co
154
Appan & Lokhandwala Associates
130
Ashok Kumar, Prabhashankar & Co 122
B Bhushan & Co
152
B Purushottam & Co
79
B D Jokhakar & Co
116
B K Khare & Co
20
B R Maheswari & Co
99
Brahmayya & Co
82
BSR & Associates
76
BSR & Co
5
C B Mouli & Associates
132
C C Chokshi & Co
24
C D Pasad & Co
150
Chaturvedi & Shah
3
CNGSN & Associates
54
Contractor Nayak & Kishnadwala
107
Dalal & Shah
9
1
Demble Ramani & Co
171
Dharmesh Parikh & Co
61
Dhawan & Co
43
Doogar & Associates
111
Ford, Rhodes, Parks & Co
95
G Balu Associates
103
G Basu & Co
42
G M Borkar & Co
153
G P Agrawal & Co
73
G P Kapadia & Co
28
G S Ahuja & Associates
156
Gandhi & Parekh
89
Ghiya & Co
87
Girish Murthy & Kumar
93
Goel Garg & Co
36
Gokhale, Tanksale & Ghatpande
184
H S Hathi & Co
145
Habib & Company
189
Haribhakti & Co
26
Hemanshu Shah & Co
117
Hingorani M & Co
68
S No AUDIT FIRMS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
30
RANK
2006
6
180
134
80
153
151
166
161
111
168
115
138
159
71
97
21
110
76
95
5
127
19
164
3
59
105
9
1
158
62
36
113
103
96
43
169
84
35
183
77
74
82
64
193
133
190
27
100
73
S No AUDIT FIRMS
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98

J. K. SHAH & CO
Jagadisan & Co
Jagannathan & Krishnaswami
Jagannathan & Visvanathan
Jagdish Chand & Co
Jagdish Sapra & Co
Jain Pramod Jain & Co
Jatin Parikh & Associates
Jayantilal Thakkar & Co
K K Mankeshwar & Co
K K Soni & Co
K M Agarwal & Co
K N Gutgutia & Co
K S Aiyar & Co
K Sivarama Krishna Prasad & Co
Kadam & Co
Kanodia Sanyal & Associates
Kanu Doshi Associates
Karnavat & Co
Khandelwal Jain & Co
Khanna & Annadhanam
Kishan M Mehta & Co
L M Joshi & Co
Lodha & Co
Lovelock & Lewes
Luthra & Luthra
M Bhaskara Rao & Co
M L Agrawal & Co
M L Bhuwania & Co
M P Chitale & Co
M P Singh & Associates
M S Krishnaswami & Rajan
M. Choudhury & Co.
Manoj Mohan & Associates
Mehra Goel & Co
Mehta Lodha & Co
MGB & Co
Mohinder Puri & Co
N C Aggarwal & Co
N C Banerjee & Co
N M Raiji & Co
N P Gandhi & Co
N R Doraiswamy & Co
Nataraja Iyer & Co
Natvarlal Veperi & Co
NGS & Co
RANK
2007
29
94
163
114
110
88
97
173
193
96
49
15
50
58
46
175
33
16
129
134
47
53
84
19
75
168
21
10
194
63
181
127
155
60
34
104
115
31
159
22
128
65
174
7
177
148
80
62
64
RANK
2006
28
93
174
107
108
112
89
143
194
86
45
14
58
53
48
173
32
13
121
119
37
49
118
24
83
179
20
10
192
63
181
126
172
50
34
116
124
29
163
22
125
72
155
7
176
150
79
61
65
S No AUDIT FIRMS
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
Nishinihon
NM RAIJI & CO
O P Bagla & Co
P Raj & Co
P B Vijayaraghavan & Co
P C Bindal & Co
P Chandrasekar
P D Kunte & Co
P G Bhagwat
P K Lilha & Co
P K Rungta & Co
P L Tandon & Co
P Murli & Co
P S Subramania Lyer & Co
P V R K Nageswara Rao & Co
P.N. Raghavendra Rao & Co.
Patankar & Associates
Patwari & Co
Picardo & Co
Prakash Chandra Jain & Co
Price Waterhouse
Price Waterhouse Coopers
Price Waterhouse LLP
R Chadha & Associate
R Nagpal Associates
R G N Price & Co
R Laddha
R M Ajgaonkar & Co
R R Patel & Co
R S Agarwala & Co
R S Bharucha & Co
Raju And Prasad
Raman S Shah & Co
Ramanlal G Shah & Co
Ramasamy Koteswara Rao & Co
Rao & Swami
Rathi & Co
Ray & Ray
Rohira Mehta & Associates
RSM & Co
S Janardhan & Associates
S Tandon & Associates
S B Billimoria & Co
S Gopala Krishna Murthy
S J Thaly & Co
S Janardhan & Associates
S K Patodia & Associates
S Kumar Gupta & Associates
RANK
2007
98
147
86
112
83
165
187
45
55
119
106
123
151
51
101
142
105
143
176
100
2
32
40
136
160
190
158
113
131
135
59
192
172
162
179
77
118
35
109
37
81
120
6
126
74
144
191
169
RANK
2006
87
135
85
141
78
157
184
42
54
91
104
101
170
57
106
132
98
142
165
92
2
31
46
123
154
189
171
94
120
139
51
188
167
160
177
81
148
33
109
44
128
102
8
136
68
156
191
162
S No AUDIT FIRMS
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
S N Dhawan And Co
S N Guha & Co
S R Batliboi & Co
S R Dinodia & Co
S S Khandelwal & Co
S S Kothari Mehta & Co
S V Ghatalia & Associates
S V R & Associates
S V Rangan
Sanghavi & Company
Shah & Co
Shantilal Mehta & Co
Sharma Goel & Co
Sharp & Tannan
Shashikant Paril & Associates
Shyam Snder Mangala & Co
Singhi & Co
Singrodia Goyal & Co
SNB Associates
Sorab S Engineer
SRB & Associates
Srikanth & Shanthi Associates
Sriramamurthy & Co
Suresh C Mathur & Co
Suri & Co
T N Shah & Co
T R Chadha & Co
Talati & Talati
Thacker Butala Desai
Thakur, Vaidyanath Aiyar & Co
Thar & Co
V D Joshi & Co
V K Dhingra & Co
V P Bansal & Co
V Parekh & Associates
V Sankar Aiyar & Co
V Shivkumar & Associates
Varma & Varma
Vatsaraj & Co
Venkat & Sujatha Associates
Vijay Prakash Gupta & Associat
Vijay Sehgal & Co
Vipin Aggarwal & Associates
Vishnu Ram & Co
RANK
2007
48
17
12
4
138
137
44
38
170
188
85
39
182
41
11
149
52
23
121
69
30
57
166
161
27
72
18
78
183
13
146
133
66
70
140
157
92
139
25
185
56
71
108
141
67
186
90
14
RANK
2006
39
15
17
4
187
130
47
41
152
185
99
38
178
40
11
146
70
25
117
60
30
56
175
144
26
69
18
67
145
12
131
147
66
140
137
129
88
122
23
182
52
55
114
149
75
186
90
16
PRIME ACADEMY
31
Participating Companies
32
S No COMPANY
SECTOR
S No COMPANY
SECTOR
3i Infotech Ltd
41
Balaji Telefilms Ltd
Aban Offshore Ltd
Energy
42
Balakrishna Industries Ltd
ABB Ltd
Industrials
43
Ballarpur Industries Ltd
Materials
Abbot Ltd
Health Care
44
Balmer Lawrie & Co Ltd
Industrials
ABG Shipyard Ltd
Industrials
45
Balrampur Chinni Ltd
Consumer Staples
ACC Ltd
Materials
46
Bannari Amman Sugars Ltd
Consumer Staples
Adalbs Ltd
47
Bata India Ltd
Adani Enterprises Ltd
Industrials
48
Bayer Corp Ltd
Materials
Adhunik Metaliks Ltd
Materials
49
Berger Paints Ltd
Materials
10
Aditya Birla Nouo Ltd
Industrials
50
Bharat Bhijlee Ltd
Industrials
11
Advanta Ltd
Consumer Staples
51
Bharat Earth Movers Ltd
Industrials
12
Aftek Ltd
52
Bharat Electronics Ltd
Industrials
13
AIA Engineering Ltd
Industrials
53
Bharat Forge Ltd
14
Akruthi Nitman Ltd
Financials
54
Bharat Heavy Electricals Ltd
Industrials
15
Alembic Ltd
Health Care
55
Bharati Shipyard Ltd
Industrials
16
All Cargo Global Ltd
Industrials
56
Bharthi Airtel Ltd
Telecom Services
17
Alok Industries Ltd
57
Bhusan Steel Ltd
Materials
18
Alstom Projects Ltd
Industrials
58
Binani Industries Ltd
Materials
19
Amara Raja Batteries Ltd
Industrials
59
Biocon Ltd
Health Care
20
Ambuja Cement Ltd
Materials
60
Bluestar Ltd
Industrials
21
Amtek Auto Ltd
61
BOC India Ltd
Materials
22
Anant Raj Industries Ltd
Materials
62
Bombay Rayon Fashions Ltd
23
Ansal Properties Ltd
Financials
63
BPCL
Energy
24
Apollo Tyres Ltd
64
Brittania Ltd
Consumer Staples
25
Aptech Ltd
65
BSEL Ltd
Financials
26
Areva Ltd
Utilities
66
Cadila Healthcare Ltd
Health Care
27
Arvind Mills Ltd
67
Cairn India Ltd
Energy
28
Asahi India Glass Ltd
68
Cambridge Solutions Ltd
29
Ashapura Ltd
Materials
69
Carborandum Universal Ltd
Industrials
30
Ashok Leyland Ltd
Industrials
70
Castrol Ltd
Materials
31
Asian Electronics Ltd
Industrials
71
CEAT Ltd
32
Asian Hotels Ltd
72
Century Textiles Ltd
Industrials
33
Asian Paints Ltd
Materials
73
CESC Ltd
Utilities
34
Astra Microwave Ltd
74
Chambal Fertilizer Ltd
Materials
35
Atlas Copco Ltd
Industrials
75
Champagne India Ltd
Industrials
36
Aurobindo Pharma Ltd
Health Care
76
Chennai Petroleum Ltd
Energy
37
Avaya Global Ltd
77
Cipla Ltd
Health Care
38
Aventis Pharma Ltd/India
Health Care
78
Clariant Chemicals Ltd
Materials
39
Bajaj Auto Ltd
79
CMC Ltd
40
Bajaj Hindustan Ltd
Consumer Staples
80
Colgate Palmolive India Ltd
Consumer Staples
PRIME
34
S No COMPANY
SECTOR
S No COMPANY
SECTOR
160 Gujarat NRE Coke Ltd
Materials
198 Indian Hotels Co Ltd
161 Gujarat State Fertilizers

Corporation Ltd
Materials
199 Indian Oil Corp Ltd
Energy
200 Indo Tech Transformers Ltd
Industrials
162 Gujarat State Petronet Ltd
Utilities
201 Indraprastha Gas Ltd
Utilities
163 Gulf Oil Corporation Ltd
Materials
202 Info Edge India Ltd
164 GVK Power & Infrastructure Ltd Utilities
203 Infosys Technologies Ltd
165 Havells India Ltd
Industrials
204 Infotech Enterprises Ltd
166 HCL Infosystems Ltd
205 Ingersoll-Rand India Ltd
Industrials
167 HCL Tech Ltd
206 Inox Leisure Ltd
168 HDFC Ltd
Financials
207 Ipca Labs Ltd
Health Care
169 HEG Ltd
Industrials
208 IPCL Ltd
Energy
170 Hero Honda Ltd
209 Ispat Industries Ltd
Materials
171 Hexaware Technologies Ltd
210 ITC Ltd
Consumer Staples
172 Himachal Futuristic Ltd
Materials
211 IVR Prime Urban Developers

Ltd
Financials
173 Himadri Chemicals & Industries

174 Himantsingha Seidge Ltd
212 IVRCL Infrastructure Ltd
Industrials
175 Hind Petro Ltd
Energy
213 Jagran Prakashan Ltd
176 Hindalco Ltd
Materials
214 JAI Corp Ltd
Materials
177 Hinduja Ventures Ltd
215 Jai Prakash Hydro Ltd
Utilities
178 Hindustan Construction Ltd
Industrials
216 Jain Irrigation Ltd
Industrials
179 Hindustan Motors Ltd
217 Jaiprakash Associates Ltd
Industrials
180 Hindustan Oil Exploration Ltd
Energy
218 JB Chemicals Ltd
Health Care
181 Hindustan Unilever Ltd
Consumer Staples
219 JBF Industries Ltd
182 Hindustan Zinc Ltd
Materials
220 Jet Airways India Ltd
Industrials
183 HMT Ltd
Industrials
221 Jindal Saw Ltd
Materials
184 Honeywell Automation India Ltd
222 Jindal Stainless Ltd
Materials
185 Hotel Leela Ventures Ltd
223 Jindal Steel and Power Ltd
Materials
186 House of Pearl Fashion Ltd
224 JK Cements Ltd
Materials
187 Housing Development &

Infrastructure Ltd
Financials
225 JK Lakshmi Cement Ltd
Materials
226 JM Financials Ltd
Financials
188 HT Media Ltd
227 JSW Steel Ltd
Materials
189 ICI India Ltd
Materials
228 Jubliant Organsys Ltd
Materials
190 ICRA Ltd
Financials
229 Jyoti Structures Ltd
Industrials
191 ICSA Ltd
230 Kalpataru Power Ltd
Industrials
192 IDFC Ltd
Financials
231 Kalyani Steel Ltd
Materials
193 IFCI Ltd
Financials
232 Kansai Nerolac Paints Ltd
Materials
194 I-Flex Solutions Ltd
233 Karuturi Networks Ltd
Industrials
195 India Cements Ltd
Materials
234 KEC International Ltd
Industrials
196 India Infoline Ltd
235 KEI Ltd
Industrials
197 Indiabulls Financial

Services Ltd
Financials
236 Kesoram Industries Ltd
Materials
237 Kirloskar Brothers Ltd
Industrials
S No COMPANY
SECTOR
S No COMPANY
SECTOR
238 Kirloskar Ferrous Industries Ltd Industrials
276 Mphasis Ltd
239 Kirloskar Oil Engine Ltd
Industrials
277 MTNL
Telecom Services
240 KLG Systel Ltd
Industrials
278 Mukand Ltd
Materials
241 Kotak Mahindra Bank Ltd
Financials
279 Murli Industries Ltd
Industrials
242 KPIT Cummins Ltd
280 Mysore Cements Ltd
Materials
243 KS Oils Ltd
Consumer Staples
281 Nagarjuna Constructions Ltd
Industrials
244 Lakshmi Energy Ltd
Consumer Staples
282 National Aluminium Ltd
Materials
245 Lakshmi Machine Works Ltd
Industrials
283 Navabharat Ltd
Industrials
246 Lanco Infratech Ltd
Industrials
284 NESCO Ltd
Industrials
247 Larsen & Toubro Ltd
Industrials
285 Nestle India Ltd
Consumer Staples
248 Lloyd Electricals Ltd
Industrials
286 Network 18 Fincap Pvt Ltd
249 Lupin Ltd
Health Care
287 New Delhi Television Ltd
250 Madhucon Projects Ltd
Industrials
288 Neyveli Lignite Corp Ltd
Utilities
251 Madras Cements Ltd
Materials
289 NFCL Ltd
Materials
252 Maharashtra Seamless Ltd
Materials
290 Nicholas Piramal India Ltd
Health Care
253 Mahindra & Mahindra

Financial Services Ltd
Financials
291 NIIT Ltd
292 NIIT Technologies Ltd
254 Mahindra & Mahindra Ltd
293 Nirlon Ltd
255 Mahindra Lifespace

Developers Ltd
Financials
294 Nirma Ltd
Consumer Staples
256 Man Industries Ltd
Industrials
295 Nitco Tiles Ltd
Industrials
257 Mangalam Cement Ltd
Materials
296 NOCIL Ltd
Materials
258 Mangalore Oil Refinery Ltd
Energy
297 Noida Toll Bridge Ltd
Industrials
259 Marico Industries Ltd
Consumer Staples
298 NTPC Ltd
Utilities
260 Maruti Udyog Ltd
261 Mascon Global Ltd
262 Mastek Ltd
263 Matrix Laboratries Ltd
Health Care
264 Max Industries Ltd
Industrials
265 Mcloed Russel Ltd
Consumer Staples
266 McNally Bharat Engineering

Co Ltd
Industrials
267 Mega Soft Ltd
Telecom Services
308 Paramount Communication Ltd Industrials
268 Mercator lines Ltd
Industrials
309 Parsvnath Developers Ltd
Financials
269 Merek L Ltd
Health Care
310 Patel Engineering Ltd
Industrials
270 Mind Tree Consulting Ltd
311 Patni Computer Systems Ltd
271 Mmtc Of India Ltd
Industrials
312 Peninsula Land Ltd
272 Monnet Ispat and Energy Ltd
Materials
313 Petronetling Ltd
Energy
273 MONSANTO India Ltd
Materials
314 Pfizer Ltd
Health Care
274 Moserbaer Ltd
315 Phoenix Mills Ltd
Financials
275 Motherson Sumi Ltd
316 Pidilite Ltd
Materials
299 Nucleus Software Exports Ltd Information Technology

300 OMAXE Ltd
Financials
301 ONGC
Energy
302 OPTO Circuits Ltd
Health Care
303 Orbit Corp Ltd
Financials
304 Orchid Chemicals Ltd
Health Care
305 Orient Paper & Industries Ltd
Materials
306 Panacea Biotech Ltd
Health Care
307 Pantaloon Ltd
PRIME ACADEMY
35
36
317 Plethico Pharmaceuticals Ltd
Health Care
354 Sesa Goa Ltd
Materials
318 Polaris Software Ltd
355 Shashun Drugs Ltd
Health Care
319 Praj Industries Ltd
Industrials
356 Shaw Wallace & Co Ltd
Consumer Staples
320 Prajay Ltd
Industrials
357 Shipping Corp of India Ltd
Industrials
321 Prime Focus Ltd
Energy
322 Prism Cements Ltd
Materials
358 Shiv-Vani Oil & Gas

Exploration Services
323 Prithvi Solutions Ltd
359 Shoppers Stop Ltd
324 Procter & Gamble Hygiene &

Health Care Ltd
Consumer Staples
360 Shree Cement Ltd
Materials
361 Shree Precoated Steel Ltd
Materials
325 Provogue Ltd
326 PSL Ltd
Industrials
362 Shree Ram Urban

Infrastructure Ltd
327 PTC India Ltd
Utilities
363 Shree Renuka Sugars Ltd
Consumer Staples
328 Punj Lloyd Ltd
Industrials
364 Shriram Transport Ltd
Financials
329 Punjab Tractors Ltd
Industrials
365 Sical Logistics Ltd
Industrials
330 Radico Khaitan Ltd
Consumer Staples
366 Siemens Ltd
Industrials
331 Rain Calcining Ltd
Energy
367 Silverline Ltd
332 Rain Commodities Ltd
Materials
368 Simplex Infrastructures Ltd
Industrials
333 Rajesh Exports Ltd
369 Sintex Industries Ltd
Industrials
334 Ranbaxy Laboratories Ltd
Health Care
370 SKF India Ltd
Industrials
335 Rastriya Chemicals and

Fertilisers Ltd
Materials
371 Sobha Developers Ltd
372 Sonata Software Ltd
336 Ratnamani Metals & Tubes
Materials
373 Southern Iron & Steel Co
Materials
337 Raymond Ltd/India
374 Spanco Ltd
338 Redington Ltd
375 SpiceJet Ltd
Industrials
339 REI Agro Ltd
Consumer Staples
376 SREI Infrastructure Finance Ltd Financials
340 Reliance Capital Ltd
Financials
377 SRF Ltd
341 Reliance Communication Ltd
Telecom Services
378 SSI Ltd
342 Reliance Energy Ltd
Utilities
379 Sterling Biotech Ltd
Materials
343 Reliance Industrial

Infrastructure Ltd
Energy
380 Sterlite Industries Ltd
Materials
381 Sterlite Technologies Ltd
344 Reliance Industries Ltd
Energy
382 Strides Arcolab Ltd
Health Care
345 Rolta India Ltd
383 Subex Azure Ltd
346 Ruchi Soya Industries Ltd
Consumer Staples
384 Sun Pharma Advanced

Research Co Ltd
Health Care
347 S Kumars Nationwide Ltd

348 Sadbhav Engineering Ltd
Industrials
385 Sun Pharma Ltd
Health Care
349 SAIL
Materials
386 Sun TV Network Ltd
350 Sanghi Industries Ltd
Industrials
387 Sundaram Clayton Ltd
351 Sanghvi Movers Ltd
Industrials
388 Sundram Fasteners Ltd
352 Sasken Communications

Technologies Ltd
353 Satyam Corp
S No COMPANY
SECTOR
S No COMPANY
SECTOR
392 Tata Chemicals Ltd
Materials
415 Ultratech Ltd
Materials
393 Tata Elxsi Ltd
416 Unichem Laboratories Ltd
Health Care
394 Tata Motors Ltd
Industrials
417 Unitech Ltd
Financials
395 Tata Power Ltd
Utilities
418 United Breweries Ltd
Consumer Staples
396 Tata Steel Ltd
Materials
419 United Phosporous Ltd
Materials
397 Tata Tea Ltd
Consumer Staples
420 United Spirits Ltd
Consumer Staples
398 Tata Teleservices Maharashtra Ltd Telecom Services
421 Usha Martin Ltd
Materials
399 TCS Ltd
422 UTV Ltd
400 Tech Mahindra Ltd
423 Vakrangee Software Ltd
401 Television Eighteen India Ltd
424 Varun Shipping Co Ltd
Industrials
402 Texmaco Ltd
Industrials
425 Videocon Industries Ltd
403 Thermax Ltd
Industrials
426 VIP Industries Ltd
404 Time Technoplast Ltd
Materials
427 Vishal Retail Ltd
405 Titan Industries Ltd
428 Voltas Ltd
406 Torrent Pharma Ltd
Health Care
429 VSNL Ltd
Telecom Services
407 Torrent Power Ltd
Utilities
430 Welspun Gujarat Ltd
Materials
408 Trent Ltd
431 Wipro Technologies Ltd
409 Triveni Gorups Ltd
Consumer Staples
432 Wockhardt Ltd
Health Care
410 Tube Investments Of India
433 Wyeth Ltd
Health Care
411 Tulip IT Services Ltd
Telecom Services
434 Zee Ltd
412 TV Today Network Ltd
435 Zee News Ltd
413 TVS Motor Co Ltd
436 Zuari indutries Ltd
Materials
414 Uflex Ltd
Materials
437 Zylog Systems Ltd
PRIME ACADEMY
37

List of Top 25 Audit Firms and Their Audit Fees

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List of Top 25 Audit Firms and Their Audit Fees

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Have Audit fees

Document Prepared by:

The Trigger ---------------------------------------------------------------------------------- 3

Part 1 Pan India ------------------------------------------------------------------------- 5

Part 2 Sector Analysis ----------------------------------------------------------------- 9

Audit Fee by Company Size ---------------------------------------------------------- 9

Industry wise total fees paid to Auditors --------------------------------------- 11

Fees Composition (%) Industry-wise ------------------------------------------- 12

Best fee Industry-wise -------------------------------------------------------------- 13

Lowest fees Industry-wise --------------------------------------------------------- 14

Average Fees & Median fees Industry-wise ---------------------------------- 14

Industry-wise composition of fees and Growth rate --------------------- 15

AUDIT FEE ANALYSIS 2007

AUDIT FEE ANALYSIS 2007

Part 1: Pan India

Table 1: The Big Picture

Finding 3: Do the big companies pay better?

Table 2: Does size drive fees?

AUDIT FEE ANALYSIS 2007

Table 3: Audit Fee By Company Size

Low (<1000 crore)

Small (1000-2499 crore)

Medium (2500-4999 crore)

High (5000-9999 crore)

Super high (>10,000 crore)

*Out of pocket expenses

AUDIT FEE ANALYSIS 2007

Part 2: Sector Analysis

Finding 1: The growth rate is skewed

Table 4: Industry-wise total fees paid to auditors

Finding 2: Fee composition percentage across Industry

Table 5: Fee composition in percent

Stat audit Taxation Certification

AUDIT FEE ANALYSIS 2007

Finding 3: The Best ... and the Worst Fees

Table 6: BEST FEE

Tata Power Ltd

Deloitte Haskins & Sells

Bharthi Airtel Ltd

Tata Steel Ltd

Deloitte Haskins & Sells

Tata Motors Ltd

Deloitte Haskins & Sells

Nicholas Piramal India Ltd

Kotak Mahindra Bank Ltd

Reliance Industries Ltd

Chaturvedi & Shah

Hindustan Unilever Ltd

Lovelock & Lewes

Indian Hotels Co Ltd

Table 7: LOWEST FEE

Gujarat State Petronet Ltd

Tulip IT Services Ltd

R Chadha & Associate

Anant Raj Industries Ltd

Vakrangee Software Ltd

S K Patodia & Associates

Punj Lloyd Ltd

Deloitte Haskins & Sells

Raju And Prasad

Reliance Indus., Infra Ltd

Chaturvedi & Shah

Triveni Groups Ltd