Monday, 11 February 2013


We did warn you the ACCOUNTANTS ARE GUILTY!

"11 February 2013 Last updated at 12:58

Autonomy faces probe by Financial Reporting Council

HP bought Autonomy in 2011
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The British software group Autonomy is to be investigated by the UK's accountancy watchdog.

The Financial Reporting Council (FRC) is examining the firm's reporting for the period of January 2009 to June 2011, the three months before it was bought by the US firm HP.

HP last year accused Autonomy of inflating its value by $5bn (£3bn).

The founder and former chief executive, Mike Lynch, has always denied those allegations.

Last November, HP said that it was writing off $8.8bn of the $11.1bn it paid for Autonomy, of which $5bn was "linked to serious accounting improprieties, misrepresentation and disclosure failures".

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