Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: cpt :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: empanelment
 
 
News Headlines »
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)

Satyam fiasco affected business to a great extent as said by PwC chief
November, 15th 2010

It is yet to clear its name from the Satyam scandal, but it's action time at PricewaterhouseCoopers (PwC), one of the world's top professional services firm.

Even as it faces multiple inquiries into the Satyam scam, the company is strengthening its audit and other business practices in India and plans to invest $100 million over the next three years and double its headcount from 6000 at present.

Dennis M Nally, chairman of PwC International, admits that the company's business operations were impacted after the Satyam fiasco - that resulted in the arrest of two of its top audit partners, apart from the numerous inquiries.

However, he says that the company is moving swiftly to make amends through a series of changes, which includes a new leadership and a renewed focus on quality control and procedures.

"The idea is raise our overall quality and we would do anything for this," Nally tells TOI in an interview at the World Economic Forum, he says PwC will expand in India in line with the rapid expansion of the country's economy and its rising status globally.

However, it is the Satyam scam and its after-effects that get the otherwise at-ease Nally in a cautionary mode. "Whenever a situation like this (corporate fraud) happens, there is an immediate tendency to point fingers," he says when asked whether the firm was made a scapegoat in a fraud that appears to be a pure handiwork of the company's promoter Ramalinga Raju. "There is a need to not over-react, and understand things in totality.

Unfortunately, in today's 24X7 reporting world, it is unrealistic." Asked whether he supports the idea of action against auditing firms, something that is being considered by Indian regulators post the Satyam scam, Nally says he supports the move, but only in case of systemic failures.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions