The Wall Street Journal headline says Panel Clears Ernst & Young in Olympus Probe.
Cool update on the investigation, huh? An official panel looks at E&Y’s role and concludes their auditing was okay. They have no legal liability.
I was quite interested in the article. Then found out the details.
The panel was hired by E&Y.
Ernst & Young ShinNihon commissioned the four-member panel of lawyers and professors in December after a panel appointed by Olympus’s board raised questions over the process by which Ernst & Young in 2009 took over auditing Olympus from KPMG AZSA LLC. A separate outside panel commissioned by Olympus subsequently cleared both auditing firms.
So, not that much news here. Essentially E&Y cleared themselves.
Perhaps the report might describe the actual audit procedures and talk about the workpapers. If that is the case, the report would be valuable. Otherwise, not so much.