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?
Piers
-----Original Message-----
From: Chris Barker [mailto:ftog@xxxxxxxxxxxxxx]
Sent: 08 November 2011 11:31
To: Olympus Camera Discussion
Subject: Re: [OM] Olympus' future truly looks bleak after latest
revelations...
I think that the business police, the auditors, have done a pretty crap job.
Chris
On 8 Nov 2011, at 10:45, Dawid Loubser wrote:
> http://www.bbc.co.uk/news/business-15632320
>
> ...so, Olympus' shares have fallen at least another 30%, they are in
> danger of being de-listed altogether, and they have admitted to
> covering up losses for 20 years or more. No wonder the OM system died
> in such turbulent times!
>
> What do you guys make of it?
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