Featured Articles

Intel refreshes CPU roadmap

Intel refreshes CPU roadmap

Intel has revealed an update to its CPU roadmap and some things have changed in 2015 and beyond. Let’s start with the…

More...
Hands on: Nvidia Shield Tablet with Android 5.0

Hands on: Nvidia Shield Tablet with Android 5.0

We broke the news of Nvidia's ambitious gaming tablet plans back in May and now the Shield tablet got a bit…

More...
Nokia N1 Android tablet ships in Q1 2015

Nokia N1 Android tablet ships in Q1 2015

Nokia has announced its first Android tablet and when we say Nokia, we don’t mean Microsoft. The Nokia N1 was designed…

More...
Marvell launches octa-core 64-bit PXA1936

Marvell launches octa-core 64-bit PXA1936

Marvell is better known for its storage controllers, but the company doesn’t want to give up on the smartphone and…

More...
Nvidia GTX 970 SLI tested

Nvidia GTX 970 SLI tested

Nvidia recently released two new graphics cards based on its latest Maxwell GPU architecture, with exceptional performance-per-watt. The Geforce GTX 970…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Thursday, 29 November 2012 10:28

Audit firms sued over HP's Autonomy buy out

Written by Nick Farrell



Missed loads of red flags

Four big audit firms have been sued for missing numerous red flags about Autonomy's accounting before it was flogged to HP.

The lawsuit, filed on Tuesday in federal court in San Jose, California, also named HP's board of directors, officers, and former executives, alleging breach of duty and negligence for their role in HP's acquisition Autonomy. This is expected to be one of many lawsuits by investors seeking to recoup losses as a result of the Autonomy write down. HP's shares fell 12 percent to a 10-year low last week after it announced an $8.8 billion write-down on its acquisition of Autonomy.

HP Chief Executive Meg Whitman has said that the company relied on audits of Autonomy, done by the UK arm of Deloitte Touche Tohmatsu, when it paid $11.1 billion for Autonomy last year. She also added that HP relied on KPMG's audits of Deloitte's work.

But KPMG said it was not engaged to do any audit work or oversee the Deloitte audit work being questioned. Deloitte said it was not responsible for due diligence on the Autonomy acquisition. It said its last audit opinion on Autonomy was for the year ended December 2010.

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments