PricewaterhouseCoopers (PwC) India on Friday appointed Sharmila Karve as its new Assurance Leader (Audit

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Leader). Karve replaced Thomas Mathew, who had stepped down in the wake of the Rs 7800 crore Satyam book keeping fraud. Karve, a partner of Price Waterhouse, hails from Lovelock & Lewes, another PwC networked firm. Mathew incidentally was also from Lovelock & Lewes.

Confirming the developments, Price Waterhouse spokesman told Financial Chronicle, "We can confirm that Sharmila Karve, partner, is the new Assurance leader. With over 25 years experience, Sharmila has a strong assurance background. She has managed the audits of many of our premier multinational and local clients."

Karve was a surprise choice even amongst PW partners and PW ranks. Kaushik Datta, the other audit partner who had been in the running for the top audit post in the firm, lost out to Karve almost at the eleventh hour with a section of partners pointing out that Dutta's nomination to the post might raise many an eyebrow as the latter had been the Quality Review Partner (QRP) in the Satyam audit.

Mathew had relinquished his post, the day PW suspended two of its jailed auditor, S Gopalakrushnan and Srinivas Talluri although the former did not have any direct connection with the Satyam audit. "In light of the present situation, I believe it would be appropriate for me to relinquish my management position," Mathew had said while stepping down. Mathew continues to be a partner in the firm.