U.K. Watchdog Finds Deloitte, Former Partners Failed to Challenge Autonomy’s Accounting
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The Financial Reporting Council, the U.K.’s accounting watchdog, on Wednesday said Deloitte LLP and two former partners were “culpable of serious and serial failures” in their audits of Autonomy Corp., wrapping up a yearslong investigation after findings of misconduct.
Autonomy, an enterprise software business founded in Cambridge, England, was acquired by
Hewlett-Packard Co.
in 2011 for $11.1 billion. A year later, the U.S. company took an $8.8 billion write-down related to the transaction, stating it was duped into overpaying because