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December 8, 2011

E&Y to investigate Olympus audit

Ernst & Young ShinNihon (E&Y), Olympus’s auditor from 2009, has set up a committee to investigate its audit work.

This is the first time E&Y has spoken about Olympus. Two professors and an Osaka high public office attorney will be on the committee.

E&Y says this is only an internal investigation to verify some of the claims made in the independent report published by Olympus earlier this week.

The independent report criticised the transition of the audit from KPMG AZSA to E&Y and said it was considered as “nothing but a mere formality” and the two auditing firms “did not go so far as to touch the substantive reasons for such replacement”.

E&Y and KPMG AZSA, the Olympus auditor prior to 2009, are also being investigated by the Japanese Institute of Certified Public Accountants and Japan’s Financial Service Agency.

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