Computer giant Hewlett Packard (HP) has held the value of British software firm Autonomy responsible for the huge charge of $5 billion it took in its latest quarterly accounts.

HP accused the former management of Autonomy for inflating the company's value just before HP took over it previous year.

HP said it had to take the huge charge in its most recent quarter because of Autonomy being worth much less than it had estimated. In a recent interview, HP CEO Meg Whitman claimed that the serious accounting improprieties had been brought to his attention by a senior executive of Autonomy.

But, the ex- management team of Autonomy plainly refuted the allegations. Three ex- members of Autonomy management, including ex- CEO Mike Lynch, said that the HP's statement "shocked" them.

Refuting the allegations, Lynch also accused HP of mismanaging Autonomy. A statement issued by Lynch states, "It is sad to see how [Autonomy] has been mismanaged since its acquisition by HP."

Sterne Agee & Leach Inc analyst Shaw Wu and many others are of the view that HP's management needs an overhaul as a lot of the business still remains under secular structural pressure.

Meanwhile the FBI has reportedly started looking into HP's allegations of the alleged accounting improprieties.