If you listen carefully today, you might be able to hear some wailing. That's Ian Fraser, Frannie and Ritchie crying because the naivety of their eagerness to blame the auditors for everything has been exposed.

AUDITORS KPMG and Ernst & Young have been cleared of any responsibility for the accounting black hole discovered at Olympus.

A report by Olympus' lawyers absolved the Japanese firms of blame, but claimed that current and former individual accountants - providing oversight within the business - were responsible for 8.3bn Yen (£70.4m) in damages, reported Reuters.

I called this one some time ago.

This would be a good time for the audit-bashers to admit they got this one wrong, and to be less hasty to blame auditors in the future.

People who read this post also read:

• The lazy anti-auditor rhetoric must stop
• You filthy, filthy hypocrite!
• Hell no, they won’t come!
• Ritchie got it wrong over Switzerland
• Hell no, they won’t go!

Filed under: Auditing, Other blogs, Regulation with tags accountancy age, francine mckenna, ian fraser, idiots, olympus, pwned, richard murphy