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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