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PwC establishes an advisory board – Attempt at an Image Makeover

Post a Comment April 22, 2009 – 5:23 pm | Permalink |  Print This Post |

In an attempt at image makeover post the Satyam fiasco, Price Waterhouse India on Wednesday announced the establishment of an advisory board to address the concerns of various stakeholders. Price Waterhouse is the auditing arm of international consulting firm PricewaterhouseCoopers in India. Four of its auditors are under the scanner for their role in the Rs 7,000-crore Satyam fraud case.
Former cabinet secretary Naresh Chandra has been appointed chairman of the board, which will advise PW on how the organisation can meet the “expectations of its external stakeholders”. Chandra is an independent director on the boards of some big companies, including TCS. “The advisory board is aimed at inducting the voice of external stakeholders so that Price Waterhouse can reflect these matters in its strategic decision-making. It is not a statutory body and has no executive powers,” the company said.
VK Shunglu, a former comptroller and auditor general of India, and BB Tandon, former chief election commissioner, have been appointed members on the advisory board. PW said a third member would be appointed shortly. A senior PwC partner from Singapore, Gautam Banerjee, will also join the advisory board.
Last month, the ICAI had said that PW named four of its partners — P Shiva Prasad, C H Ravindranath, Srinivas Talluri and S Gopalakrishnan —answerable in the Satyam scam case. The Andhra Pradesh police has already arrested Gopalakrishnan and Talluri.
An ICAI employee, who did not wish to be identified, said the exercise was mere eyewash to sidetrack the entire issue. He added the advisory board members could not bring any value unless they are given some powers. While ICAI president Uttam Prakash Agarwal could not be contacted as he was out of the country, its vice-president Amarjit Chopra refused a comment saying, “It’s their internal matter.”

Source: mydigitalfc

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