*July 26, 2006 – *Last week, Kyocera Corp. announced their new external auditor YAMAGUCHI Audit Corp will temporarily replace ChuoAoyama PricewaterhouseCoopers as their independent auditor due to suspension.
By order of the Financial Services Agency, ChuoAoyama PricewaterhouseCoopers faces a two-month suspension from July 1 – August 31, 2006 in accordance with the Corporation Act, stated last week’s press release.
The installment of the new auditor comes in accordance with U.S. securities laws, including the Sarbanes-Oxley Acts passed in 2002 that requires corporations to retain records for five years or more to prevent corporate financial scandals.
ChuoAoyama PricewaterhouseCoopers also represented Sony up until this month, when the electronics manufacturer was audited by the Tokyo Regional Taxation Bureau for $244 million in back taxes.
Kyocera states, "ChuoAoyama PricewaterhouseCoopers continues to be the company’s auditor with respect to the audit services to which the suspension order is not applicable, and to provide such services to the company," according to the release.