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SUMITOMO ELECTRIC TO SHIFT OVERSEAS AUDIT WORK TO KPMG.
TOKYO, Aug 1 Asia Pulse - Sumitomo Electric Industries Ltd. (TSE:5802) is poised to shift most of the auditing work now conducted at its overseas subsidiaries by scandal-ridden Arthur Andersen LLP to KPMG LLP.
Sumitomo Electric's decision follows a move by its domestic auditor, Asahi & Co., to drop its overseas alliance with Arthur Andersen and shift to KPMG.
Arthur Andersen now audits about 70 of Sumitomo Electric's group of 107 overseas consolidated subsidiaries.
Arthur Andersen was convicted in June of obstructing an investigation by the U.S. Justice ...
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Source: HighBeam Research, SUMITOMO ELECTRIC TO SHIFT OVERSEAS AUDIT WORK TO KPMG.