昨日のAifulはtake a hit、本日のChuoAoyamaの話はUnder attack・・金融庁恐るべし第2弾です。一昨日のCiti Trustの”reprimand”のニュースも入れると第3段ですね。
On May 10th the Financial Services Agency (FSA), Japan's financial regulator, imposed an unprecedented penalty on ChuoAoyama PricewaterhouseCoopers, a leading auditor.
ChuoAoyama will be barred from doing business with more than 2,000 companies, for two months starting in July.
The auditor's monitoring systems failed to show that its employees had been cooking the books for Kanebo, a faltering cosmetics group, for five years.
ChuoAoyama will still be badly hurt, because the law requires auditors to cancel contracts with clients if their business has been suspended. Nobody knows whether these contracts will be renewed when the ban ends.
The auditor's monitoring systems failed to show that its employees had been cooking the books for Kanebo.
ChuoAoyama also audited Ashikaga Bank, a large regional bank that was nationalized in 2003 after the FSA found that the bank had fiddled its accounts to hide its insovency. fiddle→勝手に手を加える、cookの言い換え
The ban starts only in July in order to avoid chaos among the auditor's clients.
ChuoAoyama will still be badly hurt, because the law requires auditors to cancel contracts with clients if their business has been suspended.
Nobody knows whether these contracts will be renewed when the ban ends.
This may stir memories of Arthur Anderson, which saw its American business implode (破綻する)as client deserted the firm that had audited Enron.
ChuoAoyama's fate will hang over an industry that has long put more effort into being chummy with its clients' managers than its clients' shareholders.
hang overは二日酔いであるという意味の他に(絶望、不安等が)(人)を苦しめるという意味があります。