India's accounting industry is paradoxically dominated by foreign networks, despite the country's emergence as a potential economic powerhouse. Prominent Indian firms often rely on the methodologies and technology of these foreign affiliates, resulting in accountability issues. The National Financial Reporting Authority (NFRA) has identified significant deficiencies in audits conducted by multinational firms, raising concerns about data governance and quality. A major factor contributing to these challenges is the unviable audit fee model, which leads to under-resourced teams and inadequate infrastructure. The Securities and Exchange Board of India (SEBI) is urged to enforce transparency in audit firm selection and fee determination. Currently, the Big 6 firms conduct around 65% of audits for the Nifty 500, underscoring a bias towards larger, foreign-affiliated firms. To address this, reforms are necessary, including the establishment of a Development Fund to support domestic firms, fiscal incentives, and improved training for Chartered Accountants (CAs). Regulatory frameworks should promote compliance and transparency among audit networks, ensuring that local firms can compete effectively and enhance the overall quality of audits in India.