Reply to post: Re: WTF

Brit analysts formed pact to crash Autonomy's market valuation, ex-CFO tells US court



Roles and responsibilities and logic explain it. The CEO (Lynch) is the most senior accounting officer, whose job it is to ensure the financial statements are accurate. His codefendant (Chamberlain) is VP of Finance and prepared those statements. If the statements are wrong then these two are at fault. Deloittes verify, they act as auditors of what Autonomy were claiming was happening. Auditors should give everyone confidence that the financial statements are reliable. The FRC concluded that the auditors failed and should not have agreed the financial statements. The only conclusion you can reach therefore is that the financial statements were not reliable. So now you know who is at fault. Given the defence relied on the argument that the auditors approved things, and the auditors were subsequently found to be unprofessional and given a record breaking fine, there isn’t really a defence any more. It’s not just that the defence has got a hole in it, it sank without trace the day the FRC finished their work.

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