9/17, 10:01 AM (Source: TeleTrader)
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Deloitte fined £15M for Autonomy audit

The United Kingdom Financial Reporting Council (FRC) announced on Thursday that it fined Deloitte Touche Tohmatsu Limited £15 million for its "serious and serial failures" in the audit of software firm HP Autonomy.

The FRC tribunal ruled that Deloitte, in its analysis of Autonomy's financial records, didn't satisfy the required professional standards between 2009 and 2011. "Our audit practices and processes have evolved significantly since this work was performed over a decade ago, and we continue to transform our audit by investing in firm-wide controls, technology and processes," the company said in response.

In 2018, the world's largest professional services network stated that it will stop offering consulting work to audit clients.

Breaking the News / AM