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Accouting fraud - Olympus Corporation

The Olympus corporation plead guilty in accounting fraud
by

Joanna Yang

on 10 November 2012

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Transcript of Accouting fraud - Olympus Corporation

Accounting Fraud - Olympus Corporation Summary of the fraud Who are the stakeholders? Result of the issue Ethical Perspective What action should be done? APA References By: Joanna Yang Four stakeholders are: - Former executives of the Olympus Corporation be in jail for about 10 years - The former executives could be charged up to $10 million yen - The 3 former executives from the Olympus Corporation tried to cover a loss $1.7 billion that occurred from the 1990s. - The 3 former executives are Tsuyoshi Kikukawa, Hisashi Mori, and Hideo Yamada I believe this punishment fits the crime because: - They were trying to cover up their accounting losses by using improper accounting methods -They fired someone for the wrong reasons -The company may also be charged up to $100 million yen - The managers because they are also going to get charged even though they weren't the ones who were using the improper accounting methods. - This was an accounting scandal because they used improper accounting methods, and they were also messing with the 2007 and 2008 net worth of the Olympus Corporation from the income statements. - The government because they will now receive less money from the company. - The family members of the executives who performed the scandal because they would be punished for the act of their (their family loses money and they may not be able to see the executives who committed the scandal because they are going to go to jail.) - The company should take action for what has happened because they should have kept track of what the employees were doing - 3 executive members of the Olympus Corporation committed an accounting scandal which was found out by Michael C. Woodford in October 2011. -This scandal has gone to court -They also inflated the company's net worth from 2007 and 2008 - The company should keep all the financial records in a safer place, where only people of higher rankings from the company can access it - This is one of the biggest scandals of Japan This is Michael C. Woodford. He was the one who found out about the scandal -Michael C. Woodford found out about this scandal because he was trying to investigate the deals that were being made. This is a picture of the 3 former executives of the Olympus Coporation. Tsuyoshi Kikukawa, Hideo Yamada, and Hisashi Mori. -They didn't tell the truth until they got caught - The employees because they now have to work harder to earn back the money that was lost. -They were also trying to hide a loss that happened a long time ago instead of telling the truth about it. -The owner's should keep an additional copy of the balance sheets, income statements, etc. So that they can check to see if anyone changed anything. Blue abstract background. (n.d). Retrieved November 6, 2012 from <http://hdw.eweb4.com/out/309998.html>

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departments.justicecourt.html>

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Olympus and former executives plead guilty in fraud trial - The Economic Times. (2012, September 25). The Economic Times: Business News. Retrieved November 9, 2012, from <http://economictimes.indiatimes.com/news/international-business/olympus-and-former-executives-plead-guilty-in-fraud-trial/articleshow/16538917.cms>

Olympus Corporation - The New York Times. (2012, August 2). Times Topics - The New York Times. Retrieved November 9, 2012, from http://topics.nytimes.com/top/news/
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Reuters. (2012, September 25). Olympus and Ex-Executives Plead Guilty in Accounting Fraud - NYTimes.com. The New York Times - Breaking News, World News & Multimedia. Retrieved November 6, 2012, from <http://www.nytimes.com/2012/09/26/business/global/guilty-pleas-in-trial-over-olympus-scandal.html?_r=2&ref=accountingandaccountants&>

Smith, H. (2011, December 11). Olympus' downfall: Corruption, scandal, and 'rotten' management. ZDNet. Retrieved November 6, 2012, from <www.zdnet.com/blog/asia/olympus-downfall-corruption-scandal-and-rotten-management/401> 1 2 3 4 3 2 2 2 1 2 1 4 3
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