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07 Nov 2011
OLYMPUS changed its auditor because of an argument about accounting for its purchased businesses, rather than it reaching the end of its contractual obligation, according to reports.
The camera-maker, which has seen its share price slump after its new chief executive revealed concerns over advisory payments related to acquisitions, replaced auditor KPMG with Ernst & Young in 2009.
The auditor swap took place because of a re-tendering process following the end of KPMG's contract, Olympus had stated. However, Tsuyoshi Kikukawa, the Olympus chief at the time, allegedly told management there was a disagreement with KPMG over its accounting for goodwill and its acquisition of UK business Gyrus, reported Reuters.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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