My New Year Resolutions

From my perspective, it does appear difficult days ahead. Times have changed so fast in the last two weeks, as have the versions of Satyam story – from being an error of judgment for merging the two brick-and-mortar companies of the promoters with the computer services company to being an accounting fraud of the highest order where even the most tangible of cash assets appear fudged. My family is on both the boats that face the storm. Supriya works with Satyam and I work with PricewaterhouseCoopers. Satyam faces uncertain future with the management team whipped out and the chairman’s confession of cooked books followed by his unceremonious exit. PwC faces rough weather too due to allegations of inadequacies in audit, which are likely to have severe regulatory and legal repercussions, apart from the reputation risks.

This year has just begun. Only last week I had organized a meeting of my team to discuss how blessed the last year had been and how welcome the New Year was. We had shared our achievements, learning aspirations, development goals and hopes from 2009. I am sure that my colleagues are perturbed and may have fits of despair, disbelief, and discomfort. All is natural and acceptable in such times. I am, however, not very certain of the allegations made by others on quality of our audit services, which has seen us maintain good standing in the market for over 110 year history in India.

Impacts of the developments on energy and mining business unit are not clearly discernable. They would depend on rulings by the regulators upon the findings of investigations. For our business unit that has nothing common with our assurance practice, the impacts are likely to be milder in tangible sense but relatively stronger in the intangible sense. It may become increasingly difficult to defend our higher ethical standards. Our assertions of good corporate behavior may at times invite ridicule. Some of our clients may take digs at us in public. They may also make sweeping assumptions and may target our individual integrity. We might be maligned without recourse to any opportunity to explain.

Well, then, I guess, I still have a lot to thank God for. We have been structured in way that legally we cannot be forbidden to practice our advisory services. Our unmatched service delivery and quality of services will stand for themselves. Our clients that we interact with very frequently and that we have served on several occasions cannot do without us. Our competition cannot match out strengths and cannot take away our stronghold. Challenge now, therefore, is to build our brand value all over again. The same brand value that we have leveraged in our past to arrive at where we are today. The Firm gave us the platform where we built ourselves. This is the time to rebuild the same platform, now with our capabilities, our zealous approach to serve our clients, our dedication to quality, and our uncompromising approach to conducting business. We could soar high due to the towering reputation of the Firm, which now is the target of the world around. We by our standing need to construct the same tower again, with our toil and with our hearts.

The New Year resolution therefore is now identifiable. I would borrow from the objectives of The ServiceMaster Company, mentioned in the book I am currently reading titled “The Soul of the Firm” by William Pollard. My resolutions for the year are:

To honor God in all I do,
To help people develop,
To pursue excellence,
To grow profitably.

These resolutions take care of every stakeholder in my life. God has been immensely faithful to me all these years and He will stand by me in all my days to come. By honoring Him and loving Him, I can ensure safety and well being of my family and secure an everlasting future with Him. Also, fear of God, unlike fear of law, can really see us do our work sincerely and not fall for temptations, and fearing Him is an unmistakable way of honoring Him.

My team members have each an aspiration and I am responsible for their fulfillment. I promise to help them develop into what they wish to. I will succeed if they do. My superiors too have ambitions and I can help them by serving them well.

My clients invest their time and money to seek value from our advise and I will add value by pursuing excellence. PwC shall be a distinctive Firm only if I relentlessly give my best to every client and every engagement.

The Firm has invested in me and has shaped my career. It aspires to grow and to grow profitably. To repay, my endeavor will be to win clients and serve them well, with an eye on growth opportunities that can help PwC reach its goals.

No matter how the saga of Satyam accounting unfolds, I will thank God for His providence. I take upon myself the challenge thrown and will do everything right to emerge victorious. PwC will win over the storm and emerge stronger than ever before.