TOKYO: Japan’s financial regulator will punish an Ernst & Young affiliate next week after its audit of Toshiba Corp failed to detect the country’s worst accounting scandal in four years, according ti a person familiar with the process.
The Financial Services Agency will fine Ernst & Young ShinNihon LLC and suspend it from taking on new business contracts, the source told Reuters, after an FSA accountancy panel on Tuesday recommended punishing the firm over “conspicuously inappropriate” auditing.
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