RegulationAccounting StandardsOlympus ditched auditor over accounting disagreement

Olympus ditched auditor over accounting disagreement

Internal document shows accounting disagreement was the reason for Olympus replacing KPMG

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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