Olympus probe finds 5 auditors responsible

6 years ago by in Business, Featured Tagged:

TOKYO (AP) — An internal investigation at Olympus Corp. has found that five current and former auditors are responsible for a combined 8.38 billion yen ($109 million) in losses linked to the All Japan newsese company’s accounting scandal.

But the panel’s report released Tuesday said it found that two accounting firms hired by Olympus as external auditors, KPMG Azsa LLC and Ernst & Young ShinNihon LLC, had not violated their fiduciary duties.

Olympus has admitted a massive cover-up of investment losses dating back to the 1990s and is suing 19 former and current executives for damages.

The scandal first came to light after former CEO Michael Woodford raised questions about questionable transactions, and was promptly fired last October.

 

Copyright 2012 The Associated Press.

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