Watchdog needs Deloitte to assess “whether the firm’s recent procedures would direct to a different outcome”
Deloitte has been fined £15 million by regulators and blasted for misconduct for its bungled audit of Mike Lynch’s software firm Autonomy, prior to its consider-over by HP for $11.1 billion in Oct 2011. (Just 12 months right after the takeover, HP was forced to generate down Autonomy’s worth by $8.8 billion, blaming accounting improprieties.)
Deloitte “failed to act with competence and thanks treatment and professional scepticism” industry regulator the FRC explained now in a blistering report.
The catastrophic takeover bid induced a spate of lawsuits, with US federal prosecutors also charging Mike Lynch with fraud in November 2018. (His legal professionals say the claims “amount to a enterprise dispute over the application of United kingdom accounting criteria, which is the subject of a civil scenario with HP in the courts