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January 16, 2012

Investigation clears E&Y, KPMG in Olympus fraud

An Olympus independent internal investigation has found KPMG Azsa and Ernst & Young ShinNihon are not to blame for the $1.7bn loss cover up.

The report found the false-accounting scheme had been cleverly hidden from KPMG and E&Y by the company’s internal auditors.

The all clear on the role of external auditors signals no legal action will be taken by Olympus to hold the two firms accountable.

KPMG Azsa and Ernst & Young ShinNihon are still being investigated by the Japanese Financial Services authority on their role in the fraud.

Olympus said it will take legal action against five past and present statutory auditors following the reports findings.

Last week Olympus filed suit against 19 former executives seeking a total of more than ¥16bn ($208m) in damages at the Tokyo District Court.

 

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