Wednesday, June 24, 2009

PwC's Plans for India

India is the fastest-growing market for PricewaterhouseCoopers (PwC), and the company plans to add 3,500 staffers there over the next four years, up from the current 6,500, PwC Chairman Dennis Nally said during a recent tour of the country.

In an interview with The Economic Times, Nally talked about the use of non-Indian auditors in the wake of the Satyam debacle, how the growth of the Indian economy has increased demand for auditing and off-shoring:

Q: PwC recently decided to bring in auditors from its various international/outside affiliates to run a check on the audit work done in India. Is it to maintain consistent audit standards?

A: It is based on the whole idea of cross-border expertise, where we take individuals with skill sets in one country and share that expertise in another country. The idea is to make the firm stronger.

Q: What are your plans for India?

A: China, India and Vietnam are important markets for us, as the growth in such regions is very positive. We have over 6,500 employees in India, and plan to take the number to 10,000 in three to four years. We also plan to add a significant number of jobs from our sourcing strategy.

About 4 percent of PwC’s employees are based in India.

Nally told The Times of India that the company regrets its failure to detect the fraud at Satyam Computer Services. Two of PwC’s partners were arrested earlier this year in the case:

PwC has particularly brought about changes in the process of recruitment, in terms of looking out for qualities of ethics and values in an individual. "If we don't have those type of attributes from day one, it is pretty difficult to build them down the road. So this is what we really look for in our recruits and make those judgments right upfront on day one even before those individuals are offered to join the firm,'' said Nally.

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