A Case Study on PricewaterhouseCoopers (PwC) highlighting the leaders of it's Indian Management and Global as well. Also, Highlighting the Business Functions and it's leaders.
2. ๏ท Industry: Professional Services
๏ท Founded:
o 1854 (Coopers & Lybrand)
o 1849 (Price Waterhouse)
o 1998 (PricewaterhouseCoopers)
๏ท Headquarters: London, United Kingdom.
๏ท Revenue: US$ 35.4 Million (2015)
๏ท Area Served: Worldwide.
PricewaterhouseCoopers (PwC) is a multinational professional services network
headquartered in London, United Kingdom. It is the largest professional services firm in the
world, and is one of the Big Four auditors, along with Deloitte, EY and KPMG. Vault
Accounting 50 has ranked PwC as the most prestigious accounting firm in the world for seven
consecutive years, as well as the top firm to work for in North America for three consecutive
years.
PwC is a network of firms in 157 countries, 756 locations, with more than 208,100
people. As of 2015, 22% of the workforce worked in Asia, 26% in North America and
Caribbean and 32% in Western Europe. The company's global revenues were $35.4 billion in
FY 2015, of which $15.2 billion was generated by its Assurance practice, $8.9 billion by its
Tax practice and $11.3 billion by its Advisory practice.
The firm was formed in 1998 by a merger between Coopers & Lybrand and Price
Waterhouse. The trading name was shortened to PwC in September 2010 as part of a
rebranding.
In India, PricewaterhouseCoopers (PwC) (India) Pvt. Ltd.โs highly qualified and
experienced professionals listen to different points of view to help solve their clients business
issues and identify and maximise the opportunities they seek. PricewaterhouseCoopersโ (PwC)
industry specialisation allows them to help co-create solutions with their clients for their sector
of interest. PricewaterhouseCoopers (PwC) India provides industry-focussed Audit and
Assurance, Consulting and Tax Services to Public, Private and Government listed and unlisted
Companies. The major business functions of PricewaterhouseCoopers (PwC) (India) Pvt. Ltd.
are Accounting Advisory, Consulting, Financial Deals, Tax & Regulatory Services and
Governance, Risk & Compliance.
3. PRICEWATERHOUSECOOPERS (PwC) INDIAโS TEAM
Sr. No. Name Designation Function
1) Deepak Kapoor Chairman & Managing
Director
Financial Advisory &
Territorial Senior Partner
2) Shyamal Mukherjee Director Strategy, Growth & Brand
Leader.
3) Bharti Gupta-Ramola Wholetime Director Markets Leader.
4) Deepankar Sanwalka Director Advisory and Consulting.
5) Gautam Mehra Director Tax & Regulatory Services
(TRS).
6) Satyavati Berera Chief Operating Officer
(COO)
Governance, Risk,
Compliance (GRC) Services.
7) Ketan Dalal Wholetime Director Regional Managing Partner.
8) Rohit Bhasin Wholetime Director Partner Affairs.
PRICEWATERHOUSECOOPERSโ (PwC) GLOBAL TEAM
Sr. No. Name Designation Function
1) Robert E. Moritz Chairman โ PwC
International Limited
Business Expansion.
2) Raymund Chao Chairman (China) Global Network Leadership.
3) Kevin Ellis Senior Partner &
Chairman (UK)
Business Recovery Services
(BRS).
4) Tim Ryan Senior Partner &
Chairman (USA)
Strategy Function and
Stakeholder Relationship.
5) Norbert Winkeljohann Senior Partner &
Chairman (Germany)
Tax Regulatory Services.
6) Miles Everson Advisor Global Advisory Leader.
7) Julie Fitzgerald Advisor Priority Service and Critical
Markets.
8) Stefan Frรผhauf Advisor Project and Change
Leadership.
9) Vicki Huff Eckert Advisor New Business and
Innovation.
10) Agnรจs Hussherr Chief Personnel
Officer (CPO)
Human Capital.
11) Colm Kelly Chief Legal Officer
(CFO)
Global Tax and Legal
Service.
12) Dana Mcilwain Chief Administrative
Officer (CAO)
Operations.
13) Carol Sawdye Chief Operating
Officer (COO)
Budget, Financial Planning
and Investment Planning.
14) Mary Waldron Chief Risk Officer
(CRO)
Risk Governance, Strategy
and Compliance.
15) Sigal Zarmi Chief Information
Officer (CIO)
IT Projects, Initiatives and
Enterprise-Wide Systems.
16) Diana Weiss Counsellor Global General Counsel.
4. BUSINESS FUNCTIONS OF PRICEWATERHOUSECOOPERS (PwC)
INDIA
1) ACCOUNTING ADVISORY:
PwC helps companies maximise value with the issues related to Acquisitions,
Consolidations, Debt & Equity Offerings, Hedging and Treasury and many moments of
exceptional change. With a global network of trusted advisors, PwC supports companies with
their Accounting, Financial Reporting and Valuation needs. Their practitioners combine
Accounting, Valuation and Tax expertise to help their clients preserve the value of your
business.
Transactions and events
๏ท Accounting advice for complex transactions, including M&A and corporate
restructuring.
GAAP transformation
๏ท GAAP conversion (from local GAAP to Ind AS, IFRS or US GAAP, and vice versa)
including systems and tax support.
๏ท Advice on new accounting pronouncements.
Accounting Advisory Support
๏ท Assistance and advisory in financial reporting and analysis of accounting issues.
๏ท Accounting training solutions.
๏ท Treasury and Hedge Accounting support, including related Valuations.
๏ท Accounting manuals.
Capital Markets
๏ท IPO advisory services.
๏ท Assistance in Capital Market Transactions.
2) CONSULTING: (Leader: Deepankar Sanwalka)
PwC provides Consulting in the field of IT, Finance, Licensing, Management and Strategy.
Cyber Security (Head: Sivarama Krishnan)
๏ท Security Strategy and Governance.
๏ท Security Architecture.
๏ท Threat and Vulnerability Management.
๏ท Identity and Access Management.
๏ท Risk and Compliance.
๏ท Security Implementation.
๏ท Incident Management.
Digital Services (Head: Arnab Basu)
๏ท Social Enterprise and Co-creation.
๏ท Enterprise Mobility.
๏ท Big Data Analytics.
๏ท Cloud Computing.
Financial Risk Management (Head: Hemant Jhajhria)
๏ท Derivatives and Structured products valuation and review.
๏ท Quantitative Advisory and Analytics.
๏ท Model Development and Advisory.
๏ท Commodity Risk Management.
5. ๏ท Currency and Interest Rate Risk Management.
๏ท Risk Appetite and Liquidity.
๏ท Financial Supply Chain.
๏ท Integrated Treasury setup and Handholding.
๏ท Governance, Risk and Regulations.
Licensing Management and Contract Compliance (Head: Sudhir Singh Dungarpur)
๏ท Software Licensing compliance.
๏ท Royalty and Licensing management.
๏ท Channel (reseller and supplier) reviews.
Management & Operations Consulting (Head: Neel Ratan)
๏ท Operations Architecture Design and Implementation.
๏ท Procurement Excellence.
๏ท Planning Excellence.
๏ท Manufacturing Excellence.
๏ท Supply Chain and Logistics Excellence.
๏ท Sales and Marketing Excellence.
๏ท Transformation Programmes.
Sustainability (Head: Sudhir Singh Dungarpur)
๏ท Sustainability and Climate Change Advisory.
๏ท Sustainable Supply Chains and Responsible Investment.
๏ท Corporate Social Responsibility Advisory.
Technology Management (Head: Arnab Basu)
๏ท Infrastructure and PPM.
๏ท Information Management.
๏ท Application Technology.
๏ท Oracle Application
๏ท Enterprise Resource Planning (ERP) using SAP
๏ท Technology Consulting using Microsoft
3) FINANCIAL DEALS: (Leader: N.V.Sivakumar)
PwCโs Financial Deal team helps companies make Acquisitions, Investments, Divestitures,
Joint Ventures, Spin-Offs and Strategic Alliances. In addition, the team provides advice to
Corporates for raising new finance or improving the efficiency of funding on their balance
sheets. In each case PwC have the same overriding objective: to ensure clients maximise the
return on their deal.
With more than 175 dedicated specialists in PwCโs Indian deals business, they bring a
unique combination of Financial, Commercial and Operational insight to every deal. PwCโs
dedicated industry specialists across these disciplines deliver unparalleled knowledge to their
clients as PwC navigates the deal process with their clients.
Business Restructuring Services (Head: Munesh Khanna)
๏ท Debt and Capital Financing Options, Stressed Asset Advisory and Creditor Advisory
๏ท Business Restructuring, Debt Restructuring and Turnaround Strategies.
๏ท Working Capital and Cash Management.
Corporate Finance and Investment Banking (Head: Munesh Khanna)
๏ท Divestment of Business.
6. ๏ท Acquisitions.
๏ท Capital Raisings.
Deals Strategy (Head: Sankalpa Bhattacharjya)
๏ท Industry Assessment.
๏ท Target Screening/Profiling.
๏ท Outside-in Commercial/Strategic Due Diligence.
๏ท Commercial/Strategic Due Diligence.
๏ท Market Assessment/Feasibility Study.
๏ท Portfolio Company Performance Enhancement.
๏ท Market assessment/feasibility study growth strategy
๏ท Market entry strategy
๏ท Target screening/profiling
๏ท JV strategy
๏ท Synergy assessment
๏ท PE view of business
Transaction Services (Head: Sanjeev Krishnan)
๏ท Buy-Side Due Diligence
๏ท Delivering Deal Value
๏ท Sale and Purchase Agreement Advisory
๏ท Vendor Assistance and Vendor Due Diligence
Valuation Services (Head: Rajan Wadhawan)
๏ท Business or equity valuation, swap ratios, fixed asset valuations (in the context of
transactions and restructurings)
๏ท Portfolio valuation for private equity funds
๏ท Purchase price allocations for the fair value of assets (tangible/intangible) and
liabilities that have been acquired consequent to a transaction
๏ท Valuations of intangible assets (brands, technology, contracts, human resources, etc.)
to assist in fund-raising, financial reporting purposes or internal strategic decision
making
๏ท Valuations relating to specific products (ESOPs) or industries (movie library, etc.)
๏ท Valuation for regulatory purposes (RBI, tax)
๏ท Audit support work: Impairment testing/purchase price allocation reviews
๏ท Valuations for dispute resolution/court/company law board matters
๏ท Strategy related work, such as development/review of business plans, entry/exist
strategies, etc.
4) TAX AND REGULATORY SERVICES: (Leader: Gautam Mehra)
PwC assists businesses, organisations and individuals with tax strategy, planning and
compliance, whilst also delivering a wide range of business advisory services.
As Indiaโs leading tax firm with its partners among the worldโs most prominent tax
advisors, according to International Tax Review, the practice in India helps enterprises
formulate effective strategies to optimise taxes, implement innovative tax planning and
effectively manage compliance.
PwCโs Indian operations are integrated with their global network and leverage on the
expertise of over 30,000 tax professionals across 140 countries.
7. Direct Tax (Head: Rahul Garg)
๏ท Entry strategy from a tax and regulatory perspective.
๏ท Choice of an appropriate form of entity to set up Indian Business Activities.
๏ท Assistance in entity set up, Registrations with the Tax Authorities, etc.
๏ท Conceptualising Income Tax Positions and implementing the same.
๏ท Help resolve uncertain Tax Positions.
๏ท Optimum use of Corporate Tax Incentives in proposed Business Activities.
๏ท Strategies for profit and Dividend Repatriation.
๏ท Impact analysis of recent developments like BEPS, GAAR, PoEM, ICDS, etc.
๏ท Advising on withholding Tax Obligations on payments.
๏ท Obtaining no-Objection Certificates.
๏ท Assisting in filing various Tax Returns and making adequate Disclosures.
๏ท Representation before the Income Tax and withholding Tax Authorities.
๏ท Providing Corporate Tax Litigation Assistance, including Representation Services.
๏ท Obtaining Advance Rulings and Opinion from Senior Counsels.
๏ท Tax Diagnostic Reviews.
๏ท Enhancing ERP Systems to meet Tax Management requirements.
Indirect Tax (Head: Pratik Jain)
๏ท Assisted Central Board of Excise & Customs (CBEC) with the design of the
operational aspects of GST.
๏ท Strategic Consultants to Goods and Service Tax Network (GSTN).
๏ท Part of Core โPartner groupโ committee being formed by SAP for GST Transition.
๏ท Representation to Government on behalf of several associations.
๏ท Assistance to several companies across various sectors in relation to transition to
GST.
Mergers & Acquisitions (Head: Hiten Kotak)
๏ท Mergers
๏ท Demergers
๏ท Acquisitions
๏ท Divestitures
๏ท Joint Ventures
๏ท Corporate Restructuring
๏ท Family Arrangements.
Regulatory Services (Head: Akash Gupt)
๏ท Regulatory Structuring Services.
๏ท Regulatory Relationships & Advocacy, Approvals, Clarifications; etc.
๏ท Regulatory Investigations.
๏ท Regulatory Risk and Public Policy Support.
๏ท Regulatory Interpretation & Compliance.
๏ท Capital Markets/ Fund Raising Projects.
Tax Controversy & Dispute Resolution (Head: Gautam Mehra)
๏ท Drafting Factual and Legal Submissions for Income Tax appeal before the appellate
Authorities.
๏ท Effectively complying with Appellate Requirements and Procedures.
Corporate
Tax
Advisory
Tax
Complian
ce
8. ๏ท Preparing the case and representing it before the Appellate Authorities.
๏ท Exploring and using Alternative Tax dispute resolution avenues.
๏ท Preparing Advance Ruling Application and representing before the Authority for
Advance Rulings (AAR) for settling a tax position involving Non-Resident.
๏ท Drafting and presenting applications to the competent authority for MAP under tax
treaties (DTAA).
๏ท Reviewing pending litigation and other uncertain tax positions, to comment on
adequacy of defence, probability of success and prevention of recurrence.
๏ท In-house service of the expert counsel with experience in representation before
Appellate Authorities including Tax Tribunal.
๏ท Assisting the legal counsel in preparing or representing for appeals, writ petition and
special leave petition before Indian Apex Court (Supreme Court) and Court subordinate
to it (High Court).
Transfer Pricing (Head: Gautam Mehra)
๏ท Develop transfer pricing documentation and defence files, coordinated across all
territories and harmonised with Indian Customs regulations.
๏ท Transform the value chain to achieve sustainable financial and operational benefits,
supply chain efficiencies and align Operational, Tax and Legal Structures.
๏ท Develop better understanding of your transfer pricing risks, and implement consistent
and defensible practices when controversies do arise.
๏ท Develop strategies at both the global as well as local levels and guide you through the
process of requesting APAs to help ensure successful outcomes.
๏ท Assistance in setting up a governance framework for determining armโs length pricing
consisting of related party contracts as per the Companies Act 2013/Clause 49 of the
SEBI listing guidelines.
5) GOVERNANCE, RISK & COMPLIANCE: (Leader: Sivarama Krishnan)
PwCโs insightful and independent advisory services provide an invaluable safeguard
in today's complex operating environment. PwC works with their Clients in their boardrooms
and back offices, delivering business control to help protect and strengthen every aspect of
their business from people to performance, systems to strategy, business plans to business
resilience.
PricewaterhouseCoopers draws on their extensive experience, to rigorously evaluate
their Clientโs governance procedures, processes, information and controls and, where
necessary, recommend the best way to enhance them.
Internal Audit (Head: Neeraj Gupta)
๏ท Outsourcing.
๏ท Strategic Sourcing.
๏ท Responsible Supply Chain Sourcing.
๏ท Secondment (Staff Augmentation).
๏ท Quality Assurance Reviews (QAR+).
๏ท Training (IA Skills, Risk Assessment, CAAT Tools, Soft Skills).
Business Control Advisory (Head: Sanjay Dhawan)
๏ท Assisting Corporates to document and evaluate Internal Controls.
๏ท Performing Key Controls Testing.
Internal Audit Sourcing
System
Internal Audit Advisory
System
9. ๏ท Providing assistance in developing an Internal Control Framework.
๏ท Providing assistance in developing a Risk Management Framework.
๏ท Training Personnel on COSO, Methods of Documenting Controls, etc.
๏ท Project Management.
Business Resilience (Head: Siddharth Vishwanath)
๏ท Enterprise-Wide Risk Assessments.
๏ท Risk Remediation.
๏ท Developing Risk and Control Framework Assessment.
๏ท Governance and Compliance: Ensuring BCM meets best practice as well as regulatory
standards.
๏ท Crisis Management.
๏ท Business Continuity Strategy.
๏ท Business Recovery Procedures.
๏ท Awareness, Training and Testing.
๏ท Contract review and administration
๏ท Vendor-related risk assessment
๏ท Service delivery management
๏ท Contract compliance
๏ท Privacy and security
๏ท Service-level reviews and payment assurance
๏ท Project Advisory
๏ท Project Audits
๏ท Project Monitoring
๏ท Programme Management Office (PMO) Setup.
Information Technology Risk Management (Head: Sivarama Krishnan)
๏ท Define and Communicate the IT Strategy.
๏ท Align the Architecture.
๏ท Ensure Governance and manage reporting.
๏ท Design security
๏ท Manage security controls
๏ท Assure information
๏ท Authentication
๏ท Authorisation
๏ท User management and provisioning
๏ท Identity storage and data integration
๏ท Intrusion monitoring
๏ท Malicious program detection
๏ท Security information management
๏ท Threat management
๏ท Vulnerability management
๏ท Incident response
๏ท ERP Business Process Controls Review
๏ท ERP roles Redesign, Segregation of Duties (SOD) and Access Controls Review
๏ท ERP effectiveness and Data Quality Assessment.
Enterprise Risk
Management
Busines
s
Continu
ity
Manage
ment
Contract and third-party
risk management
Capital Project Risk and
Assurance
Security Strategy and
Governance
Infra, Network and
Application Risk
Management
Identity and Access
Management
Threat and Vulnerability
Management
ERP Controls
Advisory
10. ๏ท SAP GRC Suite.
Legal, Contract and Regulatory Risk Services (Head: Harpreet Singh)
๏ท Framework Design and Automation.
๏ท Compliance Risk Assessment, Review and Audit.
๏ท Outsourcing, Monitoring and Training Support.
๏ท Legal Updates.
๏ท Companies Act 2013: Diagnostic and Transition Support.
๏ท Due Diligence and Audit Support.
๏ท Secretarial Support and Outsourcing.
๏ท Global compliance framework: Design and review across countries.
๏ท Corporate and Tax Compliance and Filling Support.
๏ท Employment law, Visa and Immigration Compliance including I-9 and LCA audit
๏ท IT and Data Privacy laws.
๏ท Setting up Contract Governance Framework and Process.
๏ท Contract Lifecycle Automation including Compilation, Abstraction, etc.
๏ท Contract Administration and Obligation Management.
๏ท Virtual Counsel Services.
๏ท BFSI.
๏ท Pharmaceuticals
๏ท Telecom/ITES/Media.
๏ท Power.
๏ท Aviation.
Compliance Review and
Management Services
Companies Act 2013 and
Secretarial Support Services
International
Compliance
Services
Contract
Management
Regulatory and Sector-
Specific Support
11. WORKING RELATIONSHIP OF PREICEWATERHOUSECOOPERS
(PwC) WITH PRICEWATERHOUSECOOPERS (PwC) INDIA
Although PwC India, a subsidiary might be wholly-owned, the subsidiary is a separate
and distinct legal entity from the parent company. But what does this actually mean? Parent
companies and directors of wholly-owned subsidiaries need to keep in mind the following:
It is the role of the subsidiaryโs directors, and not the parent company, to manage the affairs
of a wholly-owned subsidiary. However, the parent entity (as the sole shareholder of a wholly-
owned subsidiary) has the power to elect and remove the subsidiaryโs board of directors; in
making decisions affecting the subsidiary, the directors of the subsidiary are obliged to act in
the best interests of the subsidiary - even where those interests conflict with those of the parent
company or the broader corporate group. The obligation owed by a director of a wholly-owned
subsidiary to act in the best interests of the subsidiary company takes precedence over the
obligation of that director to act in the best interests of the parent company; the directors of a
subsidiary are subject to the statutory and regulatory duties under applicable local laws. This
means they should be prudent in carrying out their responsibilities as a director and not regard
their role as merely a nominal position. The statutory obligations of the subsidiary should be
well understood by both the subsidiaryโs directors and the parent company; and any governance
practices for the subsidiary need to be consistent with the purpose for which the subsidiary was
established. The risk profile of a subsidiary with its own operating assets and employees is very
different (and much higher) to that of a subsidiary that is only a holding company.
1. Subsidiary Board Composition: The subsidiaries do have separate boards, but various
factors influence the need for the formation of a subsidiary board and its composition,
including having common directors between the parent and subsidiary companies.
2. Time Spent by the Parent Board on Oversight of Subsidiaries: Although parent
company boards view the company as one organisation and do not differentiate
decision-making based on a legal subsidiary structure, factors such as the group
management philosophy, the size and holding structure (including listing on exchanges)
of subsidiaries determine the time spent by the parent board on their oversight.
3. Approval Levels and Decision-Making: Approval levels and decision-making
follows the group level policies and guidelines and require approval of transactions at
the parent board level if these transactions are significant enough.
4. Domestic vs. Overseas Subsidiary Governance: Governance of an overseas
subsidiary is different than that of a domestic subsidiary, because of differences in legal
environment, tax regimes and cultures. Some boards often tend to view the company as
one organisation, even while recognising the differentiators.
5. Policies and Procedures: Generally, Corporate Governance related policies and
procedures are developed centrally by organisations and are required to be implemented
in all parts of the organisation without regard to the legal subsidiary structure. Larger
and more international groups tend to have uniform implementation of key policies,
such as whistle blower policy, across the entire group irrespective of the size and
location of subsidiaries.
