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.
The global chairman, Dennis M Nally of Satyam, the auditor for the scam-tainted company, says that with the lessons learnt and a small number of clients lost, their focus is to harness quality clients and talent.
A new PwC report, '2010 Internal Audit State of the Productivity of the Profession Survey', said about 48 per cent of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18 per cent have no access to these tools.
China and India evoked the highest levels of confidence among major economies at 45 per cent and 40 per cent, respectively. The US was at 36 per cent, Canada at 27 per cent, the UK at 26 per cent, Germany at 20 per cent, France 18 per cent, and Japan having the least optimistic CEOs with only 11 per cent very confident of growing revenues in 2020.
The suit was filed on behalf of purchasers of Satyam's ADRs between January 6, 2004 through January 6, 2009. Price Waterhouse, the Indian unit of the global audit major, has been maintaining that it followed all the standard accounting principles while auditing the books of Satyam Computers. However, it also said that its auditing on Satyam could be construed invalid if the statements made by Raju in his admission letter on January 7 about the fraud were correct.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
The global consultancy firm PricewaterhouseCoopers is foraying into custom-made software and IT implementation services to tap the booming organised retail industry in India.
However, with the country forecast to become the fifth largest consumer in the next 20 years, analysts are positive that the percentage of deals in the country will increase substantially.
'We are looking at the next target which is to be a $1 billion ARR firm in the next 4-5 years.'
Of the total, 55-60 per cent investments are made by overseas PE firms, he said, added that "for the year ahead, leading PE firms such as ChrysCapital and Henderson Equity Partners have several deals in the pipeline".
Over 95 per cent of organisations in India have experienced new types of fraud incidents in the past two years, a PwC Survey said on Tuesday. Following the outbreak of the COVID-19 pandemic, the uncertainties associated with it, subsequent shift to digital operations and remote working, businesses have been exposed to new risks related to digital security, employee safety and disinformation, said the PwC's 'Global Economic Crime and Fraud Survey 2022' report.
Asia will surpass the United States as the world's largest casino gaming market in 2013 on account of the region's robust economic growth and growing people interest for gambling, says a report by PwC last week.
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Average global growth prospects for the next 12 months and the next three years are 35 per cent and 49 per cent, respectively.
Amid rising geopolitical risks, a vast majority of Indian CEOs have indicated in a survey that they are reducing or planning to reduce operating costs, even as they are more upbeat than their global peers on their country's economic prospects. However, most of the companies do not plan to cut their headcount or salaries, found the annual Global CEO Survey released by consultancy giant PwC here on the first day of the World Economic Forum meeting on Monday. The survey also found that about four in ten CEOs (40 per cent of global and 41 per cent of India respondents) do not expect their companies to be economically viable in 10 years if they continue on their current path.
Funding for Indian startups dropped by 33 per cent to $24 billion in 2022 as compared to the previous year though it was nearly double the amount recorded in 2019 or 2020, said a PwC India report on Wednesday. Global investors were still positive about the Indian startup ecosystem despite the global slowdown, as per the report titled 'Startup Tracker-CY 22'. "Funding for Indian startups in CY22 was nearly $24 billion, a drop of 33 per cent in comparison to CY21 but was still more than twice the funds raised in CY20 and CY19 each", it said.
'In India, the GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities.'
Mahatma Gandhi figures among the top three most admired leaders of the world, said a global survey of CEOs conducted by accountancy firm PricewaterhouseCoopers.
PricewaterhouseCoopers surveyed 1,201 chief executives in 69 countries.
KPMG's global board will meet in India next week
According to a survey done by PricewaterhouseCoopers, the average cost due to security incidents for Indian companies more than doubled from $194 in 2013 to $414 in 2014.
India can be the new global manufacturing hub for small cars with BRIC countries, says PricewaterhouseCoopers.
Despite India becoming a new destination for global investors, 38 per cent of over 5,400 companies' representatives surveyed by the global consultancy firm PricewaterhouseCoopers said they were asked to pay bribes to get licences, orders over the past two years.Among the seven major emerging economies of the world, India is ahead of Turkey, Mexico and China, where 28, 28 and 21 per cent of firms in that order reported experience with bribery.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Thirty-eight per cent of CEOs say the US is among their top three overseas growth markets, compared with 34 per cent for China, 19 per cent for Germany, 11 per cent for the UK and 10 per cent for Brazil.
India will join the league of top 10 global pharmaceuticals markets in terms of sales by 2020 with the total value reaching USD 50 billion by then, according to a report by PricewaterhouseCoopers.
Experts believe that the industry has the potential to grow at an accelerated 15-20 per cent CAGR for the next 10 years to reach between $49 billion to $74 billion in 2020.
He is the first Indian-origin person to head a 'Big-Four' audit co.
The initiative, whose founding partners also include Accenture, CA Technologies, Cisco, Cognizant, Hewlett Packard Enterprise, Pegasystems, PwC, Salesforce and SAP, aims to bring competitive training content together on one platform to serve the greater good.
India has 50 startups with the potential to achieve the coveted 'unicorn' status in 2022 and by the end of the year, the list of the new-age companies valued at over $1 billion will be at least 100, a report by a consultancy firm said on Monday. In 2021, which witnessed a huge spike in company valuations in the listed and unlisted space driven by ample liquidity, according to some watchers, India added 43 startups to the list and the number of unicorns shot up to 68 by the end of the year. Over $10 billion was invested in the Indian startup ecosystem in the October-December quarter alone, according to the report by PwC India.
Foreign reinsurance companies are now allowed to do business in India.
PE/VC investments touched a record $11.2 billion in the first half of 2017 against $8 billion in the same period in 2016
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
India overtook China to add the most number of new unicorns--start-ups valued at $1 billion or more--in the first half of 2022 despite a funding winter haunting entrepreneurs in the south Asian nation. India added 14 new unicorns in the period (H1 2022) and China had 11, according to the Hurun Global Unicorn Index 2022. The US led the ranking by adding 138 start-ups in the unicorn club.
Tesla Inc chief Elon Musk is set to acquire micro-blogging site Twitter for about $44 billion. Back home, India Inc, too, is seeing aggressive merger and acquisition (M&A) activity with PVR-Inox and HDFC-HDFC Bank announcing their mergers recently. While Axis Bank recently acquired Citi India's India retail business, reports suggest Larsen & Toubro Infotech (LTI) and Mindtree could be eyeing a merger.
However, a bench comprising Chief Justice K G Balakrishnan and Justice Deepak Verma permitted Gopalkrishnan, then working as a partner of the global accounting firm, to renew his bail application over delay by probe agency CBI in filing the third chargesheet. Following it, the court permitted Subramani Gopalkrishnan's to withdraw his bail petition.
Despite several hurdles still to be crossed over for the ambitious expansion of nuclear power production in India, N-power is inevitable for the country's growth as well as to save future generation from inflation, a top executive of PricewaterhouseCoopers said on Thursday.
According to a survey, Indian CEOs are most confident of economic growth in next year. India is followed by other BRIC nations, Brazil, Russia and China.
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
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