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: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: empanelment
 
 
« News Headlines »
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice

Satyam fraud hit brand, not biz: PwC
March, 30th 2010

Branding yes, but business no. Thats how PwC global chairman Dennis Nally sees the impact of the Satyam fraud on the Indian operations of the worlds largest professional services organisation.

Speaking to TOI, Nally, on his first visit to Kolkata since he took over as the chairman, pointed out that while Price Waterhouses (a PwC network firm) name being dragged into Indias biggest corporate fraud did have a negative impact on the PwC brand, the controversy did not result in a large number of its clients either walking away or driving harder bargains.

Clients remained tremendously loyal. The Satyam issue did not have any effect on rates (PwC charges), Nally said, explaining that a series of steps taken by the organisation to boost internal controls, including devising a new approach to assess risks, has gone down well with the clients. Conversations about economics become a lot easier when you are in a longstanding relationship, he said.

However, Nally said that despite the best of controls, frauds could still take place if company managements were intent on following unfair business practices. You can never completely eliminate the possibility of material fraud.

He underlined PwCs desire to more than double its headcount in Kolkatas tech hub Salt Lake from 2,000 to 5,000 in three years and set up one of three proposed shared services centres worldwide in the city.

Nally, who has decided to visit India once in every three months as part of PwCs enhanced focus on emerging markets, said the organisation remains open to the idea of acquiring smaller firms to expand its reach. We still want to acquire talent and companies and there is no change in that thought process.

PwC intends to ramp up its India headcount to 10,000 within three to five years from about 6,400-6,500 currently. India presently contributes 2% to the global business. We want to raise this figure to 5% within five years, PwC India chairman Gautam Banerjee said. As on date, the India practice of PwC is a quarter of the size of the one in China. PwC is rolling out a new India plan to fast-track growth, he added.

Nally said one should not read too much into the appointment of a new deputy chairman for the Indian operations as well as the setting up of an advisory council for the country as business needs are dynamic and change with time. Although PwC India always had a chairman and an MD, the organisation did not have a deputy chairman till the Raju fraud cast a shadow on its functioning.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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