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Friday, Mar 06, 2009
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Business Daily from THE HINDU group of publications Friday, Mar 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Auditing Corporate - Management
Four of the committee members will be from outside the PwC network PW to appoint a new head of quality assurance and risk management Our Bureau Mumbai, March 5 As part of its image makeover drive following the Satyam fiasco, Price Waterhouse, the Indian audit arm of PriceWaterhouseCoopers, has decided to revamp its operations. The audit firm has set up a five-member advisory board to provide guidance to its strategy and actions in India. Four of the committee members would be from outside the PwC network, the company said in a press release here on Thursday. The fifth member will be a senior partner from another PwC member firm, it said. Price Waterhouse intends to appoint a new head of quality assurance and risk management from another firm in the PwC network. The Indian arm has also appointed Ms Sharmila Karve, one of its audit partners, as head of its national assurance practice. A new assurance leadership team is being created to support her in the management of the assurance practice. The erstwhile assurance leader at PW, Mr Thomas Mathew, had stepped down from his position after the Satyam scam came to light. The role of Price Waterhouse had come under the scanner after Mr B. Ramalinga Raju, former Chairman of Satyam, confessed to a Rs 7,136-crore scam, which involved the fudging and inflation of the company’s financial numbers. The audit firm said its Hyderabad office, which serviced Satyam, is now being placed under a new management; the firm had suspended Mr S. Gopalakrishnan and Mr Srinivas Talluri, the two Hyderabad-based partners who were the auditors for Satyam. “…the problems at Satyam have created a difficult environment and, therefore, we are taking all necessary steps to demonstrate to our clients and other stakeholders our commitment to the highest standards. PW appreciates the profound impact that the fraud perpetrated by the previous management of Satyam Computer Services Ltd has had on business confidence in India,” said Mr Ramesh Rajan, Chairman of Price Waterhouse India. In a global release issued today, Mr Samuel A. DiPiazza Jr, CEO, PricewaterhouseCoopers International, said: “We have been working closely with PwC in India and will continue to provide assistance to them as they undertake a process of reconfirming their commitment to quality service.” Board decision premature: Price Waterhouse Ruling on Price Waterhouse partners’ police custody today More Stories on : Auditing | Management | Corporate Governance | Satyam Computer Services Ltd
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