Olympus Panel Blames Auditors for $109 Million in Losses From Cover Up

By Mariko Yasu - Jan 17, 2012 7:42 AM GMT+0700

Olympus Corp. (7733) said a panel it set up to investigate accounting fraud found five internal auditors liable for damage related to a cover-up of investment losses.

The camera maker hasn’t decided what action to take after receiving the panel’s report yesterday, Tokyo-based Olympus said today. The five auditors caused 8.4 billion yen ($109 million) in losses, according to results of a probe into auditors’ accountability provided by Olympus in a statement to the Tokyo Stock Exchange.

KPMG Azsa LLC and Ernst & Young ShinNihon LLC, hired by the company as outside auditors, aren’t at fault, Olympus said.

To contact the reporter on this story: Mariko Yasu in Tokyo at myasu@bloomberg.net.

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net.