Dallas, TX (PRWEB) February 18, 2014
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On February 3rd The New York Times declared that Hewlett-Packard (HP) reported massive accounting errors at Autonomy, which is a British software maker that HP acquired in 2011. On behalf of HP, Ernst & Young conducted an audit on the fledgling Autonomy- resulting in an 81% cut in operating profits, and a 54% deficit in revenue. “The substantial work necessary to prepare these accounts has revealed extensive accounting errors and misrepresentations in the previously issued 2010 audited financial statements, including the problems previously identified by HP,” Michael Thacker, an HP spokesman, wrote in an emailed statement on Monday. HP warns that other accounting blunders may be inevitable. For more from The New York Times visit dealbook.nytimes.com/2014/02/03/h-p-revises-autonomy-financial-reports-citing-accounting-errors/?_php=true&_type=blogs&_r=0.
On February 3rd Business Insider declared that former chief executive Mike Lynch denied fault on Autonomy's behalf, protesting that the differences in accounting standards between the United States and Britain are to blame for the accounting deficit. Lynch has mandated that evidence be provided to support HP's claims. Business Insider quoted an Autonomy spokesperson, " We continue to reject these allegations by HP. Given the size of HP's write-down, we are very surprised by the small size of the adjustments in Autonomy Systems Limited that are attributed to the ongoing accounting dispute, which represent a few per cent of group revenue. We know even these include revenue that will be recognized at a later time, under HP's new approach." To read Business Insider's full commentary visit businessinsider.com/hp-restates-autonomys-2010-financials-2014-2. To view a revised Autonomy financial report for 2010 go to scribd.com/doc/204282173/Revised-Autonomy-Systems-Ltd-2010-Financial-Report.
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