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Scenario 1 Concluding a years-long investigation, the U.K.’s accounting watchdog has fined Deloitte a record 15 million pounds ($19.4 million) for “serious and serial failures” in its audits of software firm Autonomy. After a seven-week hearing last year, an independent disciplinary tribunal found Deloitte and two former partners, Richard Knights and Nigel Mercer, were culpable of misconduct for audit failings related to the accounting and disclosure of Autonomy’s sales of hardware and its sales of software licenses to value added resellers. The FRC announced Thursday that the tribunal had upheld its request for sanctions, with Knights and Mercer being fined 500,000 pounds and 250,000 pounds, respectively. “The significant sanctions … reflect the gravity and extent of the failings by Deloitte and two of its former partners in
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