Satyam fiasco has not dented credibility with clients: PwC
Published on Tue, Mar 23, 2010 at 19:18 | Source : CNBC-TV18
Updated at Tue, Mar 23, 2010 at 19:31
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Satyam fiasco has not dented credibility with clients: PwC
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.
Q: The other bit connected to the Satyam issue is the consent proceedings with the security market regulator in India. Can you offer us some insight into want that means?
A: All it means and it's been in the public press is we are trying to work with our regulator to get this behind us. That's exactly what the consent process is. Can we reach a mutual agreement on how to best put this situation behind and go forward. So we are engaged in the conversation with the regulator and we will see how that unfolds here over the next several months.
Q: Five years down the line what would be the shape of PriceWaterhouse India?
A: The firm has been incredibly successful over more than 100 years, and it continues to grow. Notwithstanding the Satyam matter that we are talking about the firm continues to prosper and is growing nicely, which is clearly a reflection of the success of this marketplace.
So we continue to expect double digit growth, the business continues to expand not only in assurance but also tax and advisory as our clients are looking for more capabilities to help them deal with their issues and their challenges so we continue to see a very prosperous PriceWaterhouseCoopers here in India over the next five-ten years.
Q: A word to all those investors who felt disappointed with PriceWaterhouseCoopers for not alerting them to what was going on in Satyam. What is your message to them today?
A: Whenever we have situation like this, right or wrong, whatever standards are we are part of that and for that we regret what has happened. But this firm is about quality. It's about doing the right things, it's about being here for the investor community and we are very much focused on that.
We have learnt a lot and we continue to learn but we've got to be here for the long-term hopefully so our clients in the marketplace and the way you would expect the firm like PriceWaterhouseCoopers to do so.
