(Provisional translation)
December 22, 2015
Financial Services Agency
Disciplinary action against an Audit firm and Certified Public Accountants
On December 22, 2015, the FSA issued an administrative order to Ernst & Young ShinNihon LLC ("the firm"), suspending the firm from accepting new engagements for 3 months from January 1, 2016, to March 31, 2016 and requiring the firm to improve its operations, pursuant to Article 34-21(2) (ii) and (iii) of the Certified Public Accountants Act ("the Act"). The reason for the action is that partners of the firm had, in negligence of due care, attested the financial statements of TOSHIBA CORPORATION for FY2009, FY2011 and FY 2012 (for years that ended March 31, 2010, 2012 and 2013) containing material misstatements as if the statements contained no material misstatements and the firm’s operations are significantly inappropriate. In addition, the FSA issued an administrative order to suspend certified public accountants, who are the partners of the firm, from providing services for 1, 3, or 6 months, pursuant to the Article 30 (2) and (3) of the Act. The reason for the action is that they had, in negligence of due care, attested that above financial statements containing material misstatements as if the statements contained no material misstatements.
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