Accountancy watchdog in Autonomy proceedings

The accountancy watchdog has begun disciplinary proceedings against former bosses at Autonomy and auditors at Deloitte linked to alleged fraud at the software firm.

The Financial Reporting Council (FRC) said yesterday that it is pointing the finger at former Autonomy finance chief Sushovan Hussain and ex-vice president of finance Stephen Chamberlain.

Hussain is alleged to have acted dishonestly or recklessly when preparing and approving Autonomy’s annual report and accounts for the years ended 31 December 2009 and 31 December 2010.

Chamberlain, meanwhile, is also alleged to have acted dishonestly or recklessly and failed to act with competence and due care when preparing Autonomy’s annual report and accounts in the same period.

Autonomy was acquired by Hewlett Packard (HP) for $11 billion (£7.4bn) in 2011. But the deal quickly turned sour, with HP later writing off three-quarters of its value amid accusations of fraud at Autonomy.