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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "Contains extensive footnotes referencing external news sources and regulatory filings.",
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      "text": "Nidec disclosed that following Misuzu's July 2007 dissolution, the Chuo Aoyama / Misuzu team that audited Nidec had transferred to a newly established audit firm, Kyoto Audit Corp.",
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      "text": "In reaction to these scandals, in 2006, PwC split Chuo Aoyama into two firms: PwC Arata and Chuo Aoyama. Arata was a new firm, and Chuo Aoyama was renamed Misuzu. Only about one quarter of Misuzu's staff went to Arata, with most of the rest staying at Misuzu. The Financial Times wrote the following about the apportionment of personnel between the two firms, giving the impression that the restructuring was effectively a \"good firm / bad firm\" solution – with Misuzu being the bad firm:",
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      "text": "It was not long before PwC figured out that the firm needed more than a name change. Accounting scandals continued to come to light throughout 2006. In early 2007, the firm announced that in the wake of the Nikko Cordial scandal, Misuzu would be wound down.",
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      "text": "The Kanebo scandal led to three Chuo Aoyama accountants being indicted. Chuo Aoyama was actually suspended from auditing public companies for two months from audit practice by Japan's Financial Services Agency in 2006. This was the first suspension given to a large auditor in Japan.",
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      "text": "Nidec disclosed that following Misuzu's July 2007 dissolution, the Chuo Aoyama / Misuzu team that audited Nidec had transferred to a newly established audit firm, Kyoto Audit Corp. (emphasis added):",
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      "text": "Speaking in unusually blunt terms, [the chairman of PricewaterhouseCoopers global] told the Financial Times yesterday that Arata's limited size reflected the availability of staff who met the firm performance standards.",
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      "text": "As MISUZU PricewaterhouseCoopers terminated its operations on July 31, 2007, the Kyoto office of MISUZU PricewaterhouseCoopers decided to establish Kyoto Audit Corporation to succeed to the business it formerly carried out as part of MISUZU PricewaterhouseCoopers. As such, Kyoto Audit Corporation is the successor to the assurance practice and business of the Kyoto office of MISUZU PricewaterhouseCoopers. Kyoto Audit Corporation's personnel are substantially the same as those previously employed by the Kyoto office of MISUZU PricewaterhouseCoopers, including those who have been assigned to us.",
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      "text": "Speaking in unusually blunt terms, [the chairman of PricewaterhouseCoopers global] told the Financial Times yesterday that Arata’s limited size reflected the availability of staff who met the firm performance standards. — Financial Times",
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      "text": "Footnotes 75-81",
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