Beyond validating the inclusion of HP on our risk list, the announcement provided the latest illustration of the importance of forensic accounting in the analysis of issuer risk.

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In 1969, I did an accounting analysis of a Wisconsin company called Career Academy.

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Billabong said the 10-day exclusivity period of takeover talks would allow Sycamore to engage an "internationally recognised accounting firm to complete a confirmatory quality of earnings analysis, typical of an acquisition debt financing".

BBC: Billabong in takeover talks with consortium

The improved accounting lays the foundation for a process focus, and a deep analysis of how value is created finishes the job.

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In June, the analysis firm NPD reported that iPods have about 73% of the digital music player market, with Zunes accounting for 2%.

BBC: Updated Microsoft Zune released