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Wednesday, January 11, 2006

PwC says Sarbox made it rethink business model

The Eighth Directive and Sarbanes-Oxley have forced PwC to rethink its business model, Samuel DiPiazza, the firm's global CEO, has said.

Speaking in advance of the Global Economic Forum in Davos later this month, said: 'The Eighth Law Directive and Sarbanes-Oxley have forced us to re-think long-standing assumptions about our business model - including the way we serve clients, identify and mitigate risk, and manage our global network.

'The challenge is to translate our substantial risk and compliance efforts into opportunities that generate competitive advantage by continually improving quality and enhancing value, not merely reacting to mandated activity.'

Speaking about the biggest challenges facing PwC, he said: 'Overregulation is clearly one evolving issue that continues to impact PwC and our clients. Following a series of high-profile business scandals, legislation was enacted in many parts of the world.

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