SATYAM

Price Waterhouse advisory board
takes shape

Price Waterhouse India has revealed
the make-up of an advisory board that will help the firm repair its
reputation in light of the Satyam fraud.

The board will be chaired by former
cabinet secretary to the Indian Government and US ambassador Naresh
Chandra. Other members of the board include V K Shunglu, a former
comptroller and auditor general of India; B B Tandon, a former
chief election commissioner of India; and Gautam Banerjee, a senior
partner with PricewaterhouseCoopers Singapore. A further board
member is yet to be announced. It is hoped the board can provide an
external perspective to the firm on how to meet the expectations of
external stakeholders.

The advisory board was established in
the wake of the $1.44 billion Satyam Computer Systems fraud in
January.

Price Waterhouse was the auditor of
Satyam at the time of the scandal. The advice will focus on
quality, business strategy, governance and ethics, leadership
development and mentoring.

OVERSIGHT

UK investigation launched into
Mazars

Praxity member firm Mazars is being
investigated by the UK Accountancy and Actuarial Discipline Board
(AADB) for advice given to the trustee of the First Quench Pension
Fund in connection with an employer substitution.

The AADB’s decision to initiate an
investigation was taken following a complaint from the UK Pensions
Regulator and after consultation with the Institute of Chartered
Accountants in England and Wales.

Mazars said it was surprised at the
AADB’s decision to launch an investigation but is confident the
advice it provided was to the highest professional standard. If a
disciplinary complaint is upheld, sanctions can be imposed on the
firm, including a fine, exclusion from membership of a relevant
professional body and withdrawal of practising certificates or
licences.

MERGERS AND
ACQUISITIONS

Baker Tilly expands in
Scotland

Baker Tilly UK is to merge with
Gilchrist & Company in Scotland, effective from 5 May 2009. All
staff will join Baker Tilly’s Glasgow office, which will have 85
staff and 10 partners. Baker Tilly has 200 staff and 25 partners in
Scotland. The last Baker Tilly merger in Scotland was with Scott
& Paterson in Edinburgh in 2007.