Updated on Thursday, January 08, 2009, 00:00 IST

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