jump to navigation

Japanese FSA looking at shutting down major accounting firm for the summer May 9, 2006

Posted by fukumimi in Japan, law.

Reports in the Japanese press are indicating that the FSA are looking to impose a severe sanction on ChuoAoyama PricewaterhouseCoopers, relating to its involvement with the financial scandal which brought down Kanebo. 3 of its auditors have already admitted their complicity in criminal trials relating to this false financial account reporting scandal, and the FSA seems to be looking at a penalty of 1 to 2 months suspension of all operations for ChuoAoyama. I think it is fair to say that the scale of the punishment is unprecedented, especially for such a major firm. There are persistent rumours that some big clients are looking at switching to one of the other big firms, but Tohmatsu (part of Deloitte Touche Tohmatsu network), Azsa (part of the KPMG network), and ShinNihon (part of the Ernst&Young network) between them probably don't have the capacity to handle everything. Companies will have to move fast to secure services of an alternative auditor…..



No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: