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.
- BDO Replaces KPMG as the Logistics Firm External Auditor
- KPMG has Replaced PwC as the New Auditor to the Broadcaster ITV
- AJ BELL Replaces KPMG with BDO as its New External Auditor
- 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