Pricewaterhouse cleans up Hyderabad unit
Audit firm Pricewaterhouse, which has come under the scanner following the unfolding of the Satyam Computers scandal, has decided to put in place a new management for its Hyderabad operations.india Updated: Mar 05, 2009 21:20 IST
Audit firm Pricewaterhouse, which has come under the scanner following the unfolding of the Satyam Computers scandal, has decided to put in place a new management for its Hyderabad operations.
Two PW auditors have been arrested in the case involving the nation’s biggest corporate fraud, shaking the global accounting firm’s reputation.
“PwC’s global network fully supports the steps taken by the leadership of our member firm in India,” Samuel A. Di Piazza Jr. CEO, PricewaterhouseCoopers International said in a statement.
“India is a very important market for PwC and one that we are committed to supporting and developing,” he added.
The audit firm has said that an advisory board would be set up to provide guidance to the PwC leadership in India on the firm’s strategy and actions. The board will comprise five members, four of whom will be from outside the PricewaterhouseCoopers (PwC) network. They will be “leading individuals of repute and standing in India.”
PW has also asked that the PwC global network identify a senior partner from another PwC member firm to serve as the fifth member of the board.
The audit firm also said that it was undertaking a “thorough and comprehensive” review of its work and processes.
The functioning of the audit firm has been questioned after the damning confession of the disgraced founder chairman of
Satyam Computer Services, B. Ramalinga Raju, who admitted to doctoring accounts for years.
Several companies indicated that they would review their relationship with the audit firm post the Satyam saga.
To oversee this work, PW will appoint a new head of quality assurance and risk management.