![]() Suing Ernst & Young ShinNihon would likely leave it without an auditor and make it hard to meet exchangerequirements. The panel effectively found the fraud, identified by a separate investigation as having being hatched by two former top executives in the 1990s to conceal losses, had been too well covered up for the external audit firms to have unravelled it. Olympus said later it was suing the five former and current individuals, seeking up to 1 billion yen in damages. But the panel of lawyers set up by Olympus to look at the role of auditors said in a report on Tuesday that five individual auditors were responsible for 8.4 billion yen ($109 million) in damages. ![]() The scandal, one of corporate Japan's worst, had raised questions over the role of the two audit firms, which signed off on the accounts of the maker of medical equipment and cameras before the 13-year fraud finally surfaced in October. TOKYO, Jan 17 (Reuters) - An unofficial panel of experts cleared global accounting groups KPMG and Ernst & Young of any responsibility for a $1.7 billion accounting fraud at Japan's Olympus Corp, though the role of the firms remained under official review. Shareholder files suit vs Olympus over Woodford dismissal. ![]() Olympus to sue five individual auditors.Olympus auditor firms remain under review.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |