Price Waterhouse says audit of Satyam in accordance with auditing standards
January, 09th 2009
Price Waterhouse, the statutory auditor to Satyam Computers, on Thursday said that its audit of Satyam's books were conducted in accordance with auditing standards.
"Over the last two days, there have been media reports with regard to alleged irregularities in the accounts of Satyam Computer Services. The audits were conducted by Price Waterhouse in accordance with applicable auditing standards and were supported by appropriate audit evidence," said a statement by Price Waterhouse. "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 role of the statutory auditor came into the picture after Satyam chairman on Wednesday admitted to inflating profit figures for the past several years.
Government officials, the Institute of Chartered Accountants of India, accounting experts have all spoken about the possibility of Price Waterhouse being pulled up in case an audit failure is detected.