Khurshid asks PW for Satyam details

Minister discusses checks and balances in a meeting with PwC global head

Corporate affairs minister Salman Khurshid has asked auditing firm Price Waterhouse (PW) to give

a detailed report on what went wrong in the auditory practices of the company in case of Satyam Computer Services. “I have asked them (PW) to come back next week with more details with what went wrong (in case of Satyam’s audits),” he told Financial Chronicle.

The news comes after a closed-door meeting between the newly-selected chairman of PricewaterhouseCoopers global, Dennis Nally, and Khurshid on Wednesday afternoon at the minister’s residence.

“We discussed whether there are any internal checks and balances within the company and their connection with the Indian subsidiary,” the minister said.

Khurshid further added that he also sought details on the internal auditory practise the company follows. However, when asked whether the ministry was looking at derecognising PW’s auditory practise in India, he said that no such decision had been taken so far.

When contacted, a PW spokesperson replied, “We can confirm that Dennis Nally, global chairman (designate) was in India. We will not like to comment on any meeting that Dennis may have had during this visit to the country.”