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UK News Deloitte faces record £15m fine over 'reckless' audit of UK software group Autonomy before it was sold for £9bn

00:51  10 july  2020
00:51  10 july  2020 Source:   thisismoney.co.uk

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Deloitte should be fined a record 15 million pounds ( million) for Deloitte said it acknowledged the seriousness of the findings of the tribunal, but that it was Deloitte said its audit practices and procedures had evolved significantly since the work on Autonomy was performed over a decade ago.

Deloitte LLP took over the UK property consultants Drivers Jonas in January 2010. Deloitte 's audit engagement partner Helen George was also fined £ 97,500. FRC stated that the two parties have Following Autonomy 's 2011 sale to Hewlett-Packard, the British software company was accused of

Deloitte is facing a record £15million fine over its 'reckless' audits of a British software group before it was sold in a blockbuster deal.

The Big Four accountant, along with former partners Richard Knights and Nigel Mercer, has been accused by regulators of 'serious failings' that allowed Autonomy to make misleading claims in its balance sheet.

Auditors at Deloitte were too cosy with the company's bosses and helped to 'disguise' £118million of loss-making hardware sales, the Financial Reporting Council (FRC) alleges.

Michael Richard Lynch wearing a suit and tie smiling at the camera: Fighting extradition: Former Deloitte boss Mike Lynch, who is worth an estimated £469m, is facing criminal charges in the US © Provided by This Is Money Fighting extradition: Former Deloitte boss Mike Lynch, who is worth an estimated £469m, is facing criminal charges in the US

Soon afterwards, Autonomy was sold to Hewlett Packard for £9billion – but HP wrote off most of the company's value and claimed the firm's revenues and profits had been artificially inflated.

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PwC fined a record £ 10m over BHS audit . The record fine comes after a two-year investigation into BHS’s 2014 audits , which PwC had signed off on just days before its sale for £ 1. The department store chain collapsed one year after Sir Philip Green sold the group to Dominic Chappell

Deloitte was yesterday slapped with a record £ 14 m fine over its involvement in the collapse of MG It is not the first time Deloitte has been in the firing line. The company signed off on the accounts of software giant Autonomy , which was subsequently accused of a £ 3bn accounting cover-up by

Former boss Mike Lynch, who is worth an estimated £469million, and other executives went on to make a fortune from the company's sale to HP.

But that deal and the questions over its accounts are now at the centre of High Court battle, which is thought to be the UK's biggest ever fraud trial.

Lynch, 55, faces separate criminal charges in the US and is fighting an extradition request.

Rebecca Sabben-Clare, the FRC's lead counsel in its probe of Autonomy, urged a tribunal panel yesterday to fine Deloitte £15million for its alleged failings.

That would be a record, dwarfing the £10million PwC was fined in 2018 over its botched audits of collapsed retailer BHS.

But Sabben-Clare claimed the Autonomy case was even worse than the BHS one: 'The failings are of a similar level of seriousness – but the present case is more serious still.

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Deloitte has earned more than £ 15 m in fees to date from the retailer's insolvency © Chris Ratcliffe/Bloomberg. The administrators to collapsed electricals retailer Comet Group have been handed a record UK insolvency fine of £ 1m for failures related to their independence.

15 Aug, 2016 14:44. The big-four audit firm PwC is being sued for .5 billion over its failure to detect a fraud that resulted in a bank collapse during the global financial crisis of 2008-2009. According to Tanis, Deloitte & Touche, which did audit TBW for the seven years before the collapse

Deloitte knew full well that there was great market interest in the very figures to which their misconduct related.'

She added that although the findings against Knights and Mercer were 'very serious', the failures were 'emphatically not a single rotten-apple case'.

'The findings were ones involving lack of care and competence by the whole of the audit team,' she said.

Deloitte said: 'We acknowledge the seriousness of the findings of the FRC Tribunal. Deloitte is committed to the highest professional standards in everything it does and our audit practices and procedures have evolved significantly since this work was performed over a decade ago.'

The FRC tribunal is scheduled to continue tomorrow.

At the centre of Autonomy's case is how the firm classified loss-making hardware sales and reseller contracts, which the company said were part of its marketing costs.

But a six-year investigation by the FRC said it had given a misleading impression of rising revenues from software sales and accused Deloitte, Knights and Mercer of 'extremely serious' failings in audits from 2009 to 2011.

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