Price Waterhouse, the auditor of the troubled Satyam Computer Services, has claimed that its audits were ‘supported by appropriate evidence’. The auditing and consulting firm has said this in a fresh statement Thursday.
After news broke out of financial irregularities in the accounts of the Indian IT firm, Price Waterhouse had initially said it was examining the contents of the Satyam disclosure and refrained from making any comment attributing it to client confidentiality.
In a statement issued by its media agency, Price Waterhouse, “Over the last two days, there have been media reports with regard to alleged irregularities in the accounts of Satyam Computer Services (Satyam). Price Waterhouse are the statutory auditors of Satyam. The audits were conducted by Price Waterhouse in accordance with applicable audit standards and were supported by appropriate audit evidence.”
The public statement added, “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 co-operate with the regulators and others.”