Audit firm suspension and audit-quality risk
First written in FY2023. 1 of 2 entries say "Materialised", first in FY2023. Latest entry: FY2024.
22 other companies' latest entry also says "Mitigated".
- FY2024MitigatedAnnual report
「Taiyo Yuden & Co. explained the details of the disposition and outline of its business-improvement plan, and we confirmed that the improvements had been completed. After considering its past audit record and its ability to perform the work, audit framework, quality-control framework, independence and expertise, we determined that there was no problem in continuing to appoint Taiyo Yuden & Co. as our audit firm because it was performing its duties appropriately.」
After confirming completion of improvements and reassessing audit quality and the audit framework, the company continued to appoint the audit firm. - FY2023MaterialisedAnnual report
「Suspension of operations relating to the execution of new contracts for 3 months, from 1 January 2024 to 31 March 2024, excluding renewals of existing audit contracts and new contracts resulting from a company’s listing.」
The Company disclosed a 3-month suspension imposed on its designated audit firm, Taiyo Yugen Sekinin Audit Corporation, for certifying financial statements containing material misstatements in another audit. It also stated that, after confirming the firm’s improvement measures, it determined that there was no impact on the Company’s audit.