NEW DELHI: The audit panel of IT major Infosys on Friday said the allegations made against the company by a whistleblower are substantially without merit.The findings came after Infosys’ audit committee of the board of directors concluded the independent investigation into allegations contained in the anonymous whistleblower complaints the company disclosed on October 21, 2019.The audit committee concluded that no restatement of previously announced financial statements or other published financial information is warranted.Infosys’ audit committee chairperson, D Sundaram, said: “The audit committee took the anonymous whistleblower complaints very seriously and commissioned a thorough investigation with the assistance of independent legal counsel. The audit committee determined that there was no evidence of any financial impropriety or executive misconduct.”Infosys Chairman Nandan Nilekani said: “The audit committee has found no wrongdoing by the company or its executives. CEO Salil Parekh and CFO Nilanjan Roy are strong custodians of the company’s proud heritage.”The announcement came ahead of the company’s December quarter results scheduled to be announced late in the day.On the basis of the interviews conducted and forensics review undertaken, the investigation concludes:The allegations regarding treasury policy are unsubstantiated. The company strictly complied with its treasury policy, without any interference or pressure from either the CEO or CFO.The allegations regarding the visa costs are unsubstantiated. The costs incurred towards visas by the company are appropriately accounted for.The allegations regarding large deal approvals are unsubstantiated. Large deals under the investigation team’s review were approved by the necessary stakeholders. In the case of one large deal, a post-facto approval was sought. The joint ventures were approved by the board and the Audit Committee. No evidence was found suggesting CEO’s involvement in bypassing the deal approval process or issuing any instructions in this regard.The allegations regarding revenue recognition of three large deals/ JVs are unsubstantiated.In the case of one large deal:In relation to recognition of maintenance revenue, the investigation team has not come across any evidence to suggest that the decision to follow a Percentage of Completion (or “POC”) cost method for recognition of application maintenance revenue was forced. The Company exercised its judgment in deciding to follow a POC cost method. The selection of this method and the reasons for choosing the same were neither discussed with the Audit Committee nor disclosed in the financial statements of the Company.