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Price Waterhouse hits damage control mode

To limit the damages following the Rs 8,000-crore Satyam accounting fraud,Price Waterhouse...

Written by ENS Economic Bureau | New Delhi |
March 6, 2009 12:45:54 am

To limit the damages following the Rs 8,000-crore Satyam accounting fraud,Price Waterhouse (PW),the auditor to the firm for six years,has strung together a few quick measures,including setting up an independent Advisory Board to provide external guidance and appointing a new leader for its assurance practice.

In a statement issued today,the company said this “reaffirms their commitment to high standards of quality and client service.” PW plans to undertake a thorough and comprehensive review of its work and processes,which the Satyam case has showed need an overhaul. At the request of the company,this work will be overseen by a new head of quality assurance and risk management who is to be seconded to PW from another firm in the PwC network.

Separately,PricewaterhouseCoopers CEO Samuel DiPiazza Jr said the parent company was committed to supporting and developing the Indian market. “We will continue to provide assistance to them (PW India) as they undertake a process of reconfirming their commitment to quality service. It is essential that the quality,expertise and behavior of partners in PwC member firms all around the world are,and are clearly seen to be,of the highest standards,” he said.

Four out of five members of the Advisory Board will be outside the PwC network and “be leading individuals of repute and standing in India”. The member identified by the PwC global network is to be a senior partner from another PwC member firm.

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First published on: 06-03-2009 at 12:45:54 am

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