As a fallout of the Satyam scam, the company's former auditors Price Waterhouse today announced a major overhaul of its top India leadership, including setting up a new advisory board and appointing a new quality assurance and risk management head.
Besides, it announced a "thorough and comprehensive review of its work and processes" and said it is appointing a new leader for its national assurance practice.
"While we are confident of the overall quality of our services and our people, the problems at Satyam have created a difficult environment and therefore we are taking all the necessary steps to demonstrate to our clients and other stakeholders our commitment to the highest standards," Price Waterhouse India Chairman Ramesh Rajan said.
"PwC’s global network fully supports the steps taken by the leadership of our member firm in India," said Samuel A DiPiazza Jr, CEO PricewaterhouseCoopers International.
"India is a very important market for PwC and one that we are committed to supporting and developing," he added.
The auditing firm will establish an advisory board to provide guidance to the PW leadership on strategy and actions.
This board will comprise five members, four of whom will be from outside the PwC network and will be leading individuals of repute and standing in India.