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TOSHIBA ACCOUNTING FRAUD IN 2015

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by

Nguyen Jason

on 7 September 2015

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Transcript of TOSHIBA ACCOUNTING FRAUD IN 2015

Overstatement led to huge distress
July 12, 2015
, Toshiba's CEO
Hisao Tanaka
resigned
Two former CEOs also got particular blame:
Atsutoshi Nishida
(05-09) &
Norio Sasaki
(09-13)
Earnings overstatement tied to
151,8 billion yen
(US$
1.2
billion)
Dividend payments were cancelled
The visual products unit
, the
PC unit
and the
semiconductor unit
This scandal was ongoing through three terms of CEOs:
Atsutoshi Nishida
,
Norio Sasaki
,
Hisao Tanaka
Fiscal year
2006 - 2012
,
TSMED
's profit was overstated by
two
methods:

(a):
overstating
their
assets
by decrease the cost of sales and selling
(b):
expenses
were
not recorded

SOLUTION
Implementing job rotations periodically
Improving personnels' accounting capacity
Co-operating with auditing corporations
TOSHIBA ACCOUNTING SCANDAL
Jason & Huy

Founded in
1938
through the merger of
Shibaura Seisaku-sho
and
Tokyo Denki
5th largest
PC vendor measured by revenues
(Economic Times, 2010).
Digital products, electronic devices, home appliances & social infrastructure
Prime
Minister
Shinzo Abe
established a new business regulation
traded companies in Japan to have at least
two
outside
independent Directors
on its board
WHAT WENT WRONG?
The cumulative amount of overstated profit was up to
9, 863 million Yen
(approximate
US$83
million)
"If (Japan) fails to implement appropriate corporate governance, it could lose the market's trust."
(Taro Aso,
2015
)
Full transcript