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| PriceWaterhouse sets up advisory board |
| BS Reporter / New Delhi Apr 23, 2009, 00:44 IST |
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Continuing with its damage control exercise after the Satyam episode, PriceWaterhouse India (PW), the audit arm of global consulting major PriceWaterhouseCoopers, has established a four-member advisory board, consisting of three former bureaucrats.
Naresh Chandra, a former Cabinet Secretary and noted exponent of corporate governance in India, will be the chairman of the advisory board, while former Comptroller and Auditor General of India VK Shunglu, former secretary of the Ministry of Mines BB Tandon and senior partner in PwC’s Singapore office Gautam Banerjee will be its other members.
PwC Chairman Ramesh Rajan, in a press statement, said, “The breadth and depth of experience that they will bring will be very valuable as we set out our plans to grow and develop, and to continue to provide the highest quality of service to our clients and stakeholders.”
According to an official of the firm, the advisory board is not an executive authority. It would help the firm get the voice of external stakeholders in terms of expectations and other issues so that PW can reflect these matters in its strategic decision-making, he added.
Two partners of PW — S Gopalakrishnan and Srinivas Talluri — were arrested by the Andhra Pradesh police on January 24 for colluding with Satyam Computer founder Ramalinga Raju in Satyam’s accounts.
Last month, the firm had appointed a new quality assurance and risk management head and had also announced setting up of an advisory board.
It has also appointed a new leader of its national assurance practice, while the PW’s Hyderabad office has been placed under a new management.
The board will hold its first meeting shortly. The advice provided by the board will focus on four key areas — quality, business strategy, governance and ethics and leadership development and mentoring.
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