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Re: [OM] Olympus' future truly looks bleak after latest revelations...

Subject: Re: [OM] Olympus' future truly looks bleak after latest revelations...
From: Chris Barker <ftog@xxxxxxxxxxxxxx>
Date: Wed, 9 Nov 2011 12:01:52 +0000
Piers

I agree, what more could an auditor do?  I had not realised that the auditors 
had protested, or that others had qualified an audit.

In which case, should the shareholders not have smelled a rat some time ago?  
Is there not supposed to be sanction from the Stock Exchange if something like 
that happens?  Should a public company be able to continue trading normally 
with qualified accounts (like the EU, for instance).

Are you an auditor?  I failed most of the CA exams back in 1972, thank goodness 
:-)

Chris



On 9 Nov 2011, at 11:37, Piers Hemy wrote:

> That's akin to saying that the (real) police did a pretty crap job in not
> arresting [insert name of heinous criminal] before [insert the heinous
> crime] was committed!
> 
>> From the various press and agency reports I have seen in the past day, it is
> clear that the incumbent auditors of Olympus Japan at the time of the Gyrus
> acquisition (KPMG Japan) were unwilling to accept what they were being told.
> They were duly sacked by Olympus, to be replaced by EY Japan.  It is also
> clear that the incumbent auditors of Olympus UK - the subsidiary which
> acquired Gyrus - were equally unhappy, qualified their audit, and resigned
> (KPMG UK).
> 
> What more can an auditor do?

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