EY affiliate (Ernst & Young ShinNihon LLC) launch internal investigation into Toshiba fraud audit.
Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have come to know that a team of approx 20 executives have been formed to internally investigate their previous audits in Toshiba Corp prior to their fraud coming to light.
The accounting scandal which was said to be in the region of $1.2 billion and was a result of inflating their profits over a 7 year period by the process of postponing various losses and schemes on their balance sheets.
The Nikkei newspaper originally broke this storey on the condition of their internal EY informant remaining anonymous.
The audit will involve over 150 individuals apparently and will run until the end of August 2015.
The scandal is one of the largest in Japanese Corporate history.
The Financial Services Regulator has also announced they will be following their own lines of investigation into the scandal also.
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