Auditors Cleared in Olympus Investigation
AUDITORS KPMG and Ernst & Young have been cleared of any responsibility for the accounting black hole discovered at Olympus.
A report by Olympus' lawyers absolved the Japanese firms of blame, but claimed that current and former individual accountants - providing oversight within the business - were responsible for 8.3bn Yen (£70.4m) in damages, reported Reuters.
The technology business used accounting to hide the losses over a 13-year period. KPMG's Japanese firm KPMG AZSA was auditor until 2009, replaced by Ernst & Young ShinNihon.Start free ReadyRatios
financial analysis now!
start online
No registration required! But if you signed up extra ReadyRatios features will be available.
Last News
- AIM-listed Mining Company GoldStone Switches Auditor
- New Study Reveals 55% of Public Believe Auditors’ could Prevent Company failures’
- FRC Hands KPMG a £5m Fine over Co-Operative Bank’s Audit Failings
- IAASB Consults on Simplifying Auditing Standards for Small Entities with Less Complexities
- Anglo American Replaces Deloitte with PwC as its External Auditor
- SEC uncovers $20m Accounting Fraud at Celadon Group
- Deloitte Resigned as Ferrexpo Auditor over Concerns Regarding Misappropriation of Charity Funds