Olympus Panel Clears KPMG, Ernst & Young In Fraud Probe

Law360, New York (January 17, 2012, 2:26 PM EST) -- An investigative panel on Tuesday cleared Olympus Corp.'s outside auditors — KPMG Azsa LLC and Ernst & Young ShinNihon LLC — of responsibility for the Japanese camera and medical device maker's admitted $1.7 billion accounting fraud, but declared five individual auditors culpable.

The independent panel, commissioned by Olympus, concluded that KPMG and Ernst & Young did not violate their fiduciary duties despite signing off on what turned out to be fraudulent financial reports. But the five individual auditors, both current and former employees and contractors hired...
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