PricewaterhouseCoopers, under attack for overlooking the Satyam fraud, has lost its mandate as the knowledge partner for Federation of Indian Chambers of Commerce and Industry's flagship annual entertainment event -- FRAME that will now have KPMG as its partner.
While FICCI officials said that parting of ways with PwC was not related to the Satyam episode, sources said all business chambers have become wary of associating with those getting infamy from the country's largest corporate fraud.
"From this year, FICCI has partnered with international auditing firm KPMG for FRAMES," a senior chamber official said.
Brining out a comprehensive report on India's $10-billion media and entertainment sector is one of the mandates of the FICCI's knowledge partner for the event that takes place in Mumbai amidst a galaxy of Bollywood stars and personalities.
KPMG head of information, communication and entertainment, Rajesh Jain said," We have already worked with FICCI for FRAME."
Confirming the end of the tie-up with FICCI, PricewaterhouseCoopers spokespersons said," We will not be partnering FICCI-Frames this year."
PwC, which has major companies like HCL Infosystems, GMR Group, Bosch, and Maruti Suzuki among others in its over 100 clients in India, faces a possible axe after its role has come into question in the Satyam fraud case, of about Rs 7,800 crore (Rs 78 billion).
The companies audited by PwC are of the opinion that it is too early to cast suspicion on all the clients of the audit firm.