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PwC global head in India

January 28, 2009 15:05 IST

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The Satyam fiasco: Complete coverage

In the midst of an ongoing probe on its role in Satyam [Get Quote] scam, international auditing major PricewaterhouseCoopers' global CEO Samuel DiPiazza has rushed to India from Davos, where he was expected to attend the World Economic Forum.

DiPiazza's visit coincides with Price Waterhouse suspending two of its partners -- S Goplakrishnan and Srinivas Talluri -- who worked on the accounts of scam-hit Satyam Computer Services and were arrested last week.

A company official on Wednesday confirmed that DiPiazza is in India.

The PwC global CEO had been expected to stay longer at the World Economic Forum at Davos but departed early. The two PW partners are being questioned about the Rs 7,800-crore (Rs 78-billion) Satyam scam.

On Tuesday, PW had said: "In the light of recent allegations, the two have been suspended of all their duties and functions as partners, pending completion of the investigations into the Satyam matter."

"Neither partner will play any part in client matters. They will undertake no activities on behalf of PW and have been advised to cooperate fully with the ongoing enquiries regarding Satyam," the firm said.

As the investigations proceed, PW would continue to evaluate the situation, the statement added.

Price Waterhouse has also announced the resignation of its assurance leader, Thomas Mathew, but said he would continue to remain a partner of the auditing firm.

An assurance leader oversees a firm's audit practices, policies and procedures, and growth and quality control.

Though Mathew had no connection with the audit of Satyam, 'in the light of the present situation, he believes, it would be appropriate for him to relinquish his management position,' Price Waterhouse said.

A new assurance leader would be appointed in the near future, it added.

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