No guideline violations for Olympus

No guideline violations for OlympusOn Tuesday, a panel reviewing auditing processes at scandal-hit Olympus Corp said 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 for looking into criticisms of the auditing process that was raised in a separate investigation commissioned by Olympus into its $1.7 billion accounting scandal. The panel remarked, nevertheless, remarked that further examination was needed on whether there were any problems in the handling of the takeover from KPMG AZSA LLC.

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