Japan's Financial Services Agency last week announced plans to suspend the majority of the operations of one of the country's largest audit firms for the months of July and August.
The move against ChuoAoyama PricewaterhouseCoopers comes as a penalty for the firm's certification of the earnings of the Kanebo cosmetics firm, which announced last year that it had falsified financial statements.
According to the FSA:
"The engagement partners of the firm certified willfully Kanebo's falsified annual reports for the five periods, ending March 1999, March 2000, March 2001, March 2002 and March 2003, as not containing such falsities."
The implications of the suspension for two months of auditing services for listed clients, and those with capitalization of 500 million yen or more, are unclear.
However, according to AFP News, PricewaterhouseCoopers has reportedly signalled that it may set up a new audit operation in the country.
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