FRC anncounes Disciplinary Tribunal hearing over Autonomy Corporation audits

The Financial Reporting Council (FRC) has announced a Disciplinary Tribunal hearing into Deloitte and ICAEW members Richard Knights and Nigel Mercer.

A formal complaint, which was raised under the FRC’s Accountancy Scheme, concerns the conduct of Knights and Mercer in relation to the audit of the financial statements for Autonomy Corporation plc for the financial years ended 31 December 2009 and 2010.

It also concerns the review of the financial results for Autonomy Corporation for the periods ended 30 September 2009, 31 March 2010, 30 June 2010, 30 September 2010, 31 March 2011 and 30 June 2011.

It is alleged that the conduct of Knights and Mercer fell “significantly short of the standards reasonably to be expected of a member or member firm of the ICAEW”.

The hearing will take place remotely, by a virtual conferencing facility operated by The International Dispute Resolution Centre, London.

HP Autonomy, previously Autonomy Corporation, is a multinational enterprise software company founded in Cambridge, United Kingdom in 1996. It was acquired by Hewlett-Packard (HP) in October 2011.

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