Auditors cleared in Olympus investigation
KPMG and Ernst & Young's Japanese firms cleared by lawyers over Olympus fraud
AUDITORS KPMG and Ernst & Young have been cleared of any responsibility for the accounting black hole discovered at Olympus.
A report by Olympus’ lawyers absolved the Japanese firms of blame, but claimed that current and former individual accountants – providing oversight within the business – were responsible for 8.3bn Yen (£70.4m) in damages, reported Reuters.
The technology business used accounting to hide the losses over a 13-year period. KPMG’s Japanese firm KPMG AZSA was auditor until 2009, replaced by Ernst & Young ShinNihon.