New Delhi, Jan 08: Under attack for its auditing of
Satyam, whose founder Ramalinga Raju has disclosed financial
wrongdoings entailing about Rs 7,800 crore, PwC today sought
to absolve itself, saying audits were supported by appropriate
evidence.
Offering to cooperate with the regulators and others, the
global audit firm said in a statement: "Given our obligations
for client confidentiality, it is not possible for us to
comment upon the alleged irregularities...
"Price Waterhouse will fully meet its obligations to
cooperate with the regulators and others."
The auditing firm has been under media glare and
microscopic scrutiny of the government and chartered
accountants regulator ICAI since the revelations were made.
ICAI has sought explanation from PwC, while promising action
in case violations were found.
Since 1991, PriceWaterhouseCoopers has been auditing the
accounts of the fourth largest IT company, whose Chairman
yesterday admitted to inflating profits and creating
fictitious assets.
"PricewaterhouseCoopers are the statutory auditors of
Satyam. The audits were conducted by Price Waterhouse in
accordance with applicable auditing standards and were
supported by appropriate audit evidence," PwC said in a
statement.
The auditing firm has over 100 clients in India including
Bosch, HCL Technologies, Lanco Infratech, Maruti Suzuki,
Sulzer India, Swaraj Mazda among others.
Bureau Report
First Published: Thursday, January 08, 2009, 00:00