Copyright protection of audio data is a serious problem and spread spectrum (SS) based audio watermarking is a promising technology to tackle this problem. Although a number of SS-based audio watermarking methods have been reported in the literature, they cannot achieve high robustness and embedding capacity at the same time. In this paper, we propose a novel SS-based audio watermarking method that can embed a large number of watermark bits into an audio signal without compromising the robustness against common attacks. Compared with the existing audio watermarking methods, the proposed one is especially robust against severe noise addition and compression attacks, while achieving high embedding capacity. Moreover, the new audio watermarking method is computationally efficient. The validity of the proposed SS-based audio watermarking method is demonstrated by simulation results.