Olympus auditor handover shows no guideline violations: panel (Reuters)

TOKYO (Reuters) ? A panel reviewing auditing processes at scandal-hit Olympus Corp (7733.T) said on Tuesday it found no violation of accounting guidelines in the handoff to the Japanese arm of Ernst & Young (ERNY.UL) from the previous auditor in 2009.

The panel was established by Ernst & Young ShinNihon LLC to look into criticisms of the auditing process raised in a separate investigation commissioned by Olympus into its $1.7 billion accounting scandal.

The panel said, however, that further examination was needed on whether there were any problems in the handling of the takeover from KPMG AZSA LLC.

(Reporting by Nathan Layne; Editing by Edwina Gibbs)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111227/bs_nm/us_olympus_auditors

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