FRC kicks off Autonomy investigation

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The Financial Reporting Council (FRC) has launched an investigation into the financial reporting of software company Autonomy after it became embroiled in an international accounting scandal last year.

Following consultation with the ICAEW the accounting watchdog decided to initiate an investigation into the Cambridge-based company, which has been accused of misleading investors in the run up to its £7bn takeover by Hewlett-Packard.

Autonomy hit the headlines in November when HP accused the former management of “serious accounting improprieties” and inflating the value of the company prior to the takeover as part of a “wilful effort to mislead.” This, HP claims, has since led to the company being forced to write off £3.1bn from its quarterly earnings.

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