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21 Feb 2007
Misuzu, one of Japan's big four accounting firms, and part of PricewaterhouseCoopers, will wound down because of its involvement with scandal-hit stockbroking firm Nikko Cordial.
The firm audited the accounts of Nikko Cordial, which has been hit with a record fine for accounting fraud and faces potential de-listing by the Tokyo Stock Exchange as a result.
The FT reported that the firm would end its operation over possible penalties stemming from its work for Nikko Cordial.
Misuzu was previously known as Chuo Aoyama, which was ordered to halt its operations for two months last year after four auditors were arrested for their involvement in alleged fraud at Kanebo, a cosmetics maker.
Chuo Aoyama was replaced by Aarata, the new PwC affiliate firm.
Further reading:
New PwC Japan firm 'to grow to 1,700'
Ex-PwC Japan accountants guilty of lying
New PwC Japanese firm ready for business
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