Satyam fiasco has not dented credibility with clients: PwC

Excerpts from Reporter's Diary on CNBC-TV18 Watch the full show »

PricewaterhouseCoopers Chief Dennis Nally believes the Satyam fiasco has not dented its credibility with clients and inspite of the exodus from the firm the company remains on the growth track.

 

In an exclusive interview to CNBC-TV18 he said, ""Whenever we have a situation like this (Satyam fraud), right or wrong, whatever the standards are, we are part of that and we regret what has happened. As auditors of Satyam we are clearly focussed on lessons learnt and how to enhance the quality of the practice that we are doing. We've made a number of changes to the firm, but we are moving forward."

 

Excerpts from the interview.

 

Q: We are meeting 12-14 months after something that rocked corporate India in fact the public. This is the Satyam scam; PriceWaterhouseCooper's name all over the pages because of that. When you look back at it do you think you could have avoided all that happened?

 

A: I don't know if we could have avoided it. As we all know this was probably one of the most significant frauds that suddenly has taken place here in India but even in the global market place. So I do not know how you avoid that type of situation.

 

But having said that certainly lessons learned. We have read what has happened and as auditors of Satyam as you mentioned, the firm has been prominently mentioned in the press on a repeated basis. We are focused on lessons learnt, how to continue to enhance the quality of our practice, what we do.

 

We made a number of changes to the firm that we can talk about but we are moving forward. We have been here in India for over 100 years. It is a very important market for us and we want to continue to focus on this market.