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2012, Feb 23

Olympus Panel Clears Ernst & Young, KPMG

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Olympus Panel Clears Ernst & Young, KPMG

by CFO Innovation Asia Staff, 18 January 2012
topics:
Accounting and Regulations Auditing
tags:
accounting fraud audit auditors fraud Olympus scandal
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Auditing firms KPMG Azsa LLC and Ernst & Young ShinNihon LLC have been cleared by an independent panel from legal responsibility in the Olympus accounting scandal.

 

While this is good news for the two accounting firms, they are still under probe by Japan's financial watchdog for their actions during the period when the camera maker hid its investment losses.

 

While clearing the external auditors, the panel found fault with five internal corporate auditors, three of whom are current Olympus employees. The panel said Olympus incurred ¥8.38 billion ($109 million) in damages due to the five corporate auditors' breach of their legal duties, which include monitoring the company's board of directors.

 

The Japanese company is now considering legal action against the five individuals.

 

 

MORE ARTICLES ON OLYMPUS SCANDAL

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Olympus Panel Clears Auditing Firms
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CFO Innovation Asia Staff
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Oferte Ieftine

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