Deloitte fined $19.4m for serious serial failures in Autonomy audit

Britain’s accounting regulator said on Thursday it has fined Deloitte a record 15 million pounds ($19.4 million) for its audit of software firm Autonomy that contained “serious and serial failures”. Deloitte, one of the world’s Big Four auditors, and two of its now former partners, Richard Knights and Nigel Mercer, were investigated in relation to their audit of Autonomy’s financial statements for 2009 and 2010. Autonomy, founded by Mike Lynch, was bought for $11 billion by Hewlett Packard (HP) in 2011, but the deal turned sour a year later when…

Read more