Price Waterhouse sets up advisory board

MUMBAI: Audit firm Price Waterhouse (PW) on Wednesday said it has identified three members for its proposed advisory board that will guide the audit firm on key operational aspects for the Indian market, as part of a plan to rebuild its image after the Satyam fraud.

Price Waterhouse said the chairman of the advisory board would be Naresh Chandra, former cabinet secretary and an exponent of corporate governance. The two independent members on the board would be former comptroller and auditor general of India VK Shunglu and former chief election commissioner BB Tandon.

Price Waterhouse is yet to appoint the fourth member of the board, a statement issued on Wednesday said. It may be mentioned that Price Waterhouse had earlier announced the appointment of Gautam Banerjee from the firm���s Singapore network.

Price Waterhouse has said it would set up the advisory board to provide external guidance and propose substantive actions for better audit quality. ���The advice provided by the board will focus on four key areas ��� quality, business strategy, governance and ethics, and leadership development and mentoring,��� the company statement added.

Talking about the appointments to the board, PwC chairman Ramesh Rajan said: ���The breadth and depth of experience that they will bring will be very valuable, as we set out our plans to grow and develop, and continue to provide the highest quality of service to our clients and stakeholders.���