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Deloitte Bent to Pressure in Autonomy Audits, Says FRC Tribunal

Jan. 6, 2021, 10:02 AM

Deloitte LLP and two of its former auditors succumbed too often to pressure from its client Autonomy Corp., according to a report published by a U.K. regulator, giving details of its investigation into one of the U.K.’s biggest accounting scandals a decade ago.

The Financial Reporting Council, the U.K.’s accounting regulator, on Wednesday published a 268-page report from an independent disciplinary tribunal, explaining the September decision to fine Deloitte a record 15 million pounds ($20 million) over shortcomings in its audits of Autonomy.

Deloitte was under pressure to accept how Autonomy treated certain costs and transactions “rather than upset ...