New Delhi, Feb. 9 -- Prime Minister Narendra Modi, in his address to chartered accountants (CAs) in July 2017, shared his vision of "Big Eight" audit firms in India, of which he said four should be of Indian origin with a global footprint. The idea was not to displace the existing global Big Four, but to complement them with domestic champions.

His call could not have been timelier. India aims to become a developed country by 2047, which requires sustained gross capital formation (GCF) at a minimum rate of 35% of GDP. In this journey, the strength of the country's institutional framework, including auditing practices and audit assurance, assumes significance.

Investors expect not just world-class corporate governance, but also top-notch...