Regulator accuses Autonomy auditors Deloitte of failing to challenge bosses

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Regulator accuses Autonomy auditors Deloitte of failing to challenge bosses ahead of £7.4bn sale to Hewlett Packard

Auditing firm Deloitte was accused of failing to challenge Autonomy bosses ahead of £7.4bn sale to Hewlett Packard

Auditing firm Deloitte was accused of failing to challenge Autonomy bosses ahead of £7.4bn sale to Hewlett Packard

The auditors for tech giant Autonomy failed to challenge bosses at the company ahead of its ill-fated £7.4billion sale to Hewlett Packard, a disciplinary tribunal has heard.

Auditing firm Deloitte was accused of not meeting expected standards as a hearing against two of the company’s auditors opened in London on Thursday.

Lawyers for the Financial Reporting Council (FRC), which regulates the accounting sector, accused Richard Knights of failing to be objective when he audited accounts that are now at the centre of Britain’s largest ever fraud trial.

Speaking at the opening of a seven-week tribunal against Knights, Nigel Mercer and Deloitte, Rebecca Sabben-Clare said Knights had shown a ‘fundamental lack of professional scepticism,’ and accused him of failing to question Autonomy’s accounts.

The tribunal continues.

 

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