Govt seeks clarity from PWC about its operations, plans
October, 23rd 2009
The government has sought clarity from auditing firm PriceWaterhouseCoopers (PWC) about their operations and business plans in India.
"Come back with a plan. What is that you are responsible for? What is that you should be responsible for?" Corporate Affairs Minister Salman Khurshid told PTI while replying to questions about his meeting with senior representatives of PWC early this week.
PWC has been in the news for the wrong reasons as its auditors were involved in auditing the books of accounts of fraud-stricken Satyam Computer Services.
Regretting that there was no clarity on the working of the big four auditing firms, the Minister said, "I think it is an unsatisfactory situation - they practice and they don't practice... First be clear (on) what you want to do in this country and how and then take responsibility for what you do".
The big four auditing forms in the country are PWC, KPMG, Deloitte and Ernst and Young.
On the agenda of the meeting with PWC representatives, Khurshid said, " (the meeting) has nothing to do specifically with Satyam matter, but it's got to do with sustainable permanent arrangement that should be there for foreign firm practising in India".