Home > Uncategorized > Olympus crisis but where were the auditors ?

Olympus crisis but where were the auditors ?

http://www.bbc.co.uk/news/business-15632320
http://blogs.wsj.com/japanrealtime/2011/11/08/olympus-what-next/

Olympus appear to be teetering on the edge due the “decades old” hiding of losses on securities. the details are summarised in the BBC link above and with more depth in the Wall Street Journal piece

But this raises an obvious question? How were their accounts audited over the past 20 years? And who was responsible? Its in Japan and some will say that that is a reflection on their business climate but I wouldn’t mind betting that the same auditors have been in place all along

No suggestion of corruption (yet) but the thought that rotated audit firms with a fresh approach each time would be more alive to these issues does rather cross my mind

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