UK Regulator to Take Disciplinary Action Over Autonomy Corp. Irregularities
May 31 2018 - 3:25AM
Dow Jones News
By Adria Calatayud
The U.K. Financial Reporting Council said Thursday that it will
take disciplinary action over alleged accounting irregularities by
British software company Autonomy Corporation PLC's former auditors
and finance chiefs.
The FRC found that the conduct of auditors Deloitte LLP, Richard
Knights and Nigel Mercer, as well as of Autonomy's former chief
financial officer Sushovan Hussain and former vice president of
finance Stephen Chamberlain, fell short of required standards.
The investigation relates to Autonomy's financial reporting
between Jan. 1, 2009 and June 30, 2011, the FRC said. This was
prior to Autonomy's takeover by the former Hewlett-Packard, which
was later split into two companies--HP Inc. (HPQ) and Hewlett
Packard Enterprise Co. (HPE). Last year, HPE sold its software
operations--including the former Autonomy assets--to FTSE
100-listed Micro Focus International PLC (MCRO.LN).
The FRC said the auditors failed to adequately challenge
Autonomy's accounting and to correct false or misleading made by
the company to the regulator. Both Mr. Hussain and Mr. Chamberlain
are alleged to have breached the principle of integrity over the
company's reports and accounts for 2009 and 2010, in relation to
its accounting for transactions with value-added resellers and by
making false or misleading statements to the regulators, the FRC
said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
May 31, 2018 03:10 ET (07:10 GMT)
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