Autonomy Shows Why Auditing Needs Improvement
Quote from Ndubuisi Ekekwe on May 14, 2019, 12:18 PMAnother evidence why auditing has to be strengthened around the world.
The former chief financial officer of the British software firm Autonomy has been fined $4 million and sentenced to five years imprisonment in the U.S., for fraudulently inflating the company's value ahead of its sale to Hewlett-Packard. Sushovan Hussain also had to forfeit $6.1 million. Former Autonomy CEO Mike Lynch still faces criminal charges over the affair, as does former finance VP Stephen Chamberlain—both claim innocence. (Fortune)
Another evidence why auditing has to be strengthened around the world.
The former chief financial officer of the British software firm Autonomy has been fined $4 million and sentenced to five years imprisonment in the U.S., for fraudulently inflating the company's value ahead of its sale to Hewlett-Packard. Sushovan Hussain also had to forfeit $6.1 million. Former Autonomy CEO Mike Lynch still faces criminal charges over the affair, as does former finance VP Stephen Chamberlain—both claim innocence. (Fortune)
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