Pirc: We raised Autonomy flag

SHAREHOLDER advisory group Pirc “raised a number of red flags” over Hewlett-Packard (HP)’s $11bn (£6.9bn) purchase of Autonomy, it said yesterday.

Pirc said it warned that Autonomy auditors Deloitte had done too much non-audit work to be independent. On Tuesday, HP accused former Autonomy bosses of inflating the software company’s accounts, and took an $8.8bn writedown related to the deal. Ex-Autonomy boss Mike Lynch has denied all accusations. Deloitte denies any knowledge of any accounting improprieties.