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Startups

Accountant mismatch clogs Japan's IPO pipeline

'Audit refugees' on the rise as startups sidelined for big clients

TOKYO -- Initial public offerings by startups in Japan have hit a snag as auditors take more time checking the books at big clients following an accounting scandal at Toshiba.

The accounting misdeeds at the Japanese industrial group -- which surfaced in 2015 and triggered a slew of investor lawsuits, including one against a local affiliate of global accounting firm Ernst & Young -- prompted auditors to examine their big clients more closely.

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