Operations of the Japanese firm, Misuzu Audit Corp, formally terminated
yesterday after a 39-year-history which included several major accounting
scandals involving its own employees.
The 2,400 remaining certified public accountants and other employees of the
firm, formally known ChuoAoyama PricewaterhouseCoopers, will work at Ernst
& Young ShinNihon, Deloite Touche Tohmatsu Japan and KPMG Azsa & Co.
The firm, which was one of Japan’s top four firms, began in 1968.
But it began to lose credibility in 2005 when some of its accountants were
arrested in relation to the fraudulent adjustment of the accounts of cosmetics
manufacturer, Kanebo, its client.
The firm was forced to suspend its business in part during 2006 and went on
to adopt its current name in an effort to shed the damage caused by the scandal
and start afresh.
But the new firm suffered again when
another accounting scandal, involving its client Nikko Cordial Corp., was
BDO scoops Global Firm of the Year, as 25 prizes are handed out at the 2016 British Accountancy Awards
It has been another glittering night in the accountancy calendar. A range of practices big and small, plus outstanding individuals, have been rewarded for their efforts in the British Accountancy Awards 2016
FRC investigates why an arrangement between Sports Direct and Barlin Delivery was not disclosed in the company’s financial statements as a related party
EY has been proposed as the auditors of Schroders after a “competitive” tender process