In the aftermath of the Satyam saga, Price Waterhouse India (PW) is trying its best to restore its tainted image. The company has roped in a host of high-profile former bureaucrats on its advisory board in an effort to restore confidence and bring credibility to the firm’s name.

Ex-cabinet secretary to the Government of India and former ambassador to the United States Naresh Chandra has been appointed chairman of the advisory board. An official release from the firm said, “Mr Chandra is one of the leading exponents of corporate governance in India.” He had chaired a committee in 2002 that submitted a report on corporate audit and governance. Corporate governance seems to be a priority for the firm after two of its partners who audited the Satyam account for eight consecutive years were jailed. In addition to Chandra, the advisory board will comprise three other members plus a senior representative from a PwC network firm outside India.

The other members are equally accomplished. They include former comptroller and auditor general of India VK Shunglu and former chief election commissioner BB Tandon.

Apart from heading India’s apex constitutional audit authority, Shunglu has also held the position of chairman of the United Nations Board of Auditors General and was a member of the UN Panel of External Auditors. Tandon has served the government as secretary in the ministries of mines and personnel. Before that he served as additional secretary in the corporate affairs ministry, which is now the nodal agency handling the Satyam investigations.

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