UPDATE 1-Korn/Ferry lowers reported Q4 loss by $0.05/shr

* Says adjustment increased oper profit by $3.7 mln

* Amendment to correct expenses recorded twice since 2002

* Shares down 2 pct

June 29 (Reuters) - Executive search firm Korn/Ferry International (KFY.N) said it was lowering its reported net loss for the fourth-quarter ending April 30, to correct compensation and benefit expenses that were recorded twice from 2002 through 2009.

The expenses, relating to employee contributions to a health and welfare benefit plan, reduced the quarterly net loss by $2.3 million, or 5 cents a share, the company said.

The cumulative impact of the adjustment was a $3.7 million fall in compensation and benefits expense for the quarter and year ended April 30, 2009, it added.

On June 9, the company reported fourth-quarter net loss of $19.5 million, or 45 cents a share. Excluding items, it lost 11 cents a share.

The adjustment is not material to any individual prior period or the current period, the company said.

Korn/Ferry shares fell 2 percent to $10.64 Monday on the New York Stock Exchange.

(Reporting by Dhanya Ann Thoppil in Bangalore;Editing by Pradeep Kurup)