Sunday, 26 February 2012

Medical Equipment-Accounting Fraud-Audit Firms-Olympus

Panel clears audit firms of Olympus scandal blame

TOKYO (Reuters) - An unofficial panel of experts cleared global accounting groups KPMG and Ernst & Young of any responsibility for a $1.7 billion accounting fraud at Japan's Olympus Corp, though the role of the firms remained under official review. The scandal, one of corporate Japan's worst, had raised questions over the role of the two audit firms, which signed off on the accounts of the maker of medical equipment and cameras before the 13-year fraud finally surfaced in October. ... read more..

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