Hewlett-Packard Company (HPQ) Reveals Accounting Errors At Autonomy Unit

Hewlett-Packard Company (NYSE:HPQ) has disclosed in its filing with UK’s Companies House that an audit of the 2010 financial results of Autonomy’s eight divisions revealed revenues were actually just 54% of its initially stated figure. However, former senior management of Autonomy denied Hewlett-Packard Company (NYSE:HPQ)’s charges. HP’s $8.8 billion write down on Autonomy Hewlett-Packard Company (NYSE:HPQ) purchased Autonomy, the British firm, in 2011 to boost its presence in the enterprise software market. In 2012, Hewlett-Packard Company (NYSE:HPQ) announced that it had to take an $8.8 billion accounting charge related to Autonomy. HP said that it discovered ‘serious accounting improprieties’ and ‘outright misrepresentations’ at…