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: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: form 3cd :: cpt
« General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

PwC Partner Resigns Amid Satyam Computers Issue
June, 20th 2011

PricewaterhouseCooperss managing partner and markets and industry leader at its Indian office has resigned amid the heated issue on Satyam Computers.

Jairaj Purandare, 51, PwC Indias managing partner who was contending for the chairmanship, confirmed his resignation but refused to shed light on the reason behind his move.

For seven years, the partner had been in PwC India, which audited Satyam Computers in 2009 during the lead-up to the accounting scandal that hit the IT services firm.

In a statement to the Economic Time, Purandare said he was considering various options that have not yet been finalized.

Speculations began annexing Purandares resignation to the controversial Satyam Computers accounting scandal, which broke out in January 2009.

In February this year, the Institute of Chartered Accountants of India (ICAI) said it would take disciplinary actions against auditors from PwC India who were involved in Satyam Computers scandal.

The ICAI branded PwC auditors as having been negligent in their roles when out of Rs 8000 crore (US$177), Rs 6000 crore (US$133) went missing.

At issue was the allegation from the Central Bureau of Investigation that PwC auditors had received bribes from Satyam to manipulate its reports about the companys accounts.

ICAI concluded that the previously arrested PwC partner Subramani Gopalakrishnan and Satyam Computers internal auditor V S Prabhakar Gupta should be held accountable as the Supreme Court has cancelled their rights to bail following fraud allegations in the Indian IT services provider.

The two were immediately arrested upon discovery of the accounting scandal.

Prior to Purandares resignation, PwCs tax expert Dinesh Kanabar resigned in 2010, along with 17 other partners, allegedly due to the Satyam Computers controversy.

This was succeeded by another major exit by three more partners who left the accounting firm in April this year.

But PwC India watered down speculations that the successive resignations were connected to the accounting scandal, saying the exits were prompted by greener pastures awaiting the partners outside of the firm.

In a statement, PwC India chairman Deepak Kapoor said: It is unfortunate that Jairaj Purandare has decided to leave PwC India. We appreciate the significant contributions made by him as a member of the India leadership team, in the seven years he spent with us. He established our markets and industries programme and as the western region office managing partner, was instrumental in the success of the Mumbai and Pune region. We wish him all the success in his future endeavours.

Purandare was Ernst & Young Indias chairperson before joining PwC India. More previously than that, hewas the Country Head of the Tax & Regulatory practice of Andersen India.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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