Remember what Meg said, "“The board relied on audited financials — audited by Deloitte — not Brand X accounting firm but Deloitte.” Via the New York Times:
Deloitte notes the allegations made yesterday by Hewlett Packard (HP) that ‘some former members of Autonomy’s management team used serious accounting improprieties, disclosure failures and outright misrepresentations to inflate the financial metrics of the company, prior to Autonomy’s acquisition by HP’. We also note the statement released yesterday by members of Autonomy’s former senior management team rejecting these allegations.“Deloitte was not engaged by HP, or by Autonomy, to provide any due diligence in relation to the acquisition of Autonomy.“Deloitte UK was auditor to Autonomy at the time of its acquisition by HP. Deloitte’s most recent audit opinion on Autonomy’s financial statements was for the year ended 31 December 2010 and was signed in February 2011.“Deloitte categorically denies that it had any knowledge of any accounting improprieties or misrepresentations in Autonomy’s financial statements. We conducted our audit work in full compliance with regulation and professional standards. We are unable to discuss our audit work further due to client confidentiality. We will cooperate with the relevant authorities with any investigations into these allegations.
Nice little nod to KPMG there, wasn't it?
Deloitte Denies Knowledge of Fraud at Autonomy [DealBook via Francine McKenna]
