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A slew of systemic and cultural issues that threw top auditors off balance

Jun 23, 2019 - The Economic Times

The discussions went on for weeks. The headquarters in London was involved, so were a panel of elite external lawyers, apart from the internal teams in risk, legal and audit leadership. Eventually, the India team led by chairman Shyamal Mukherjee took the decision - the bullet has to be bitten. PwC will resign as the auditor of Reliance Capital, the marquee financial services company of the Anil Dhirubhai Ambani Group. The announcement sent shockwaves through the markets.In most cases, an audito...