Step 1 in acquiring a Company: Review their audited financial statement. Deloitte was their auditor is is one of the Big 4 firms.
Step 2 in acquiring a Company: Hire an independent accounting firm to perform due diligence along with a crap load of lawyers. HP hired KPMG, another one of the Big 4 firms.
If neither accounting firm knew about this - major fraud and collusion existed. And yes, HP is blaming both of the firms.
There must of been lotsa unions involved in this one
Wow Deloitte and KPMG gonna fire some people now!!
ALSO, PwC was hired by HP to look at all of this after a whistleblower came forward... E&Y audits HPs annual fin stmts.. LOL what a clusterfuck!
How is Meg Whitman responsible for the Autonomy mess?http://www.guardian.co.uk/business/2012/nov/20/hewlett-packard-autonomy-improprieties-writedown
http://www.businessinsider.com/meg-whitman-hp-autonomy-blame-2012-11
Hewlett-Packard blames Autonomy 'improprieties' for $8.8bn writedown
Former managers at British tech firm deny claims and accuse HP of destroying a 'world leader'
Meg Whitman Says She's Not To Blame For The Autonomy Mess
Poor Meg. Running HP is a lot harder than being hired to run Ebay. I could have made billions running Ebay.
Fixed.HP has been going downhill since Mark Hurd left. Meg was lucky to have even been struck by lightning once, great job HP.
How is Meg Whitman responsible for the Autonomy mess?
Was she the CEO when HP acquired Autonomy?
She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
You mean the same numbers that 2 of the big 4 auditors trusted?She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
There are some in the stock market thread claiming that HP is cheap and undervalued.IIRC, there was a ATOT member who invested heavily in HP. I can't remember his handle at the moment.
So what can HP do in this case? Or can the accounting firms hide behind the first amendment not unlike the credit rating agencies?
You mean the same numbers that 2 of the big 4 auditors trusted?
She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
Fiorina, Apotheker and now Whitman. There's something deeply rotten about a company's internal culture when the new CEO is as bad -if not worse- than the outgoing one. This is systemic, not down to individual incompetence.
She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
Step 1 in acquiring a Company: Review their audited financial statement. Deloitte was their auditor is is one of the Big 4 firms.
Step 2 in acquiring a Company: Hire an independent accounting firm to perform due diligence along with a crap load of lawyers. HP hired KPMG, another one of the Big 4 firms.
If neither accounting firm knew about this - major fraud and collusion existed. And yes, HP is blaming both of the firms.
This. Some of you dunderheads blaming Meg or saying she should have known need to understand how business works. Companies pay these "experts" millions of dollars to provide them with due diligence. It's not like Meg is looking at the books. If the experts didn't see it or say they didn't see it, then why is Meg at fault?
lol and people say a Good CEO is not worth the money. HP is proof they are.