EY’s Japanese arm given huge fine over Toshiba accounting scandal

The Japanese affiliate of EY has been fined £12m for failing to spot accounting irregularities during their audits of Toshiba. In addition the firm, Japan’s largest accountants, have been banned from engaging any new clients for three months.

The scandal broke earlier in 2015 when the company disclosed that it had declared £800m in false profit. Toshiba now expects to announce a loss of $3.0m in its year ending March 2016 and has cut nearly 8,000 jobs in an effort to restructure.

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