The Hindu : Business : Auditing was in accordance with standards, says PwC

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Auditing was in accordance with standards, says PwC

New Delhi: Under attack for its auditing of Satyam, PricewaterhouseCoopers(PwC) on Thursday 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.

“Pricewaterhouse Coopers will fully meet its obligations to cooperate with the regulators and others.”

Under scrutiny

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 2001, PwC has been auditing the accounts of the fourth largest IT company, whose Chairman on Wednesday admitted to inflating profits and creating fictitious assets.

“Pricewaterhouse Coopers are the statutory auditors of Satyam. The audits were conducted 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. —PTI

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