Evaluate the corporate culture at Olympus including corporate governance. What were the shortcomings and what do you
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The ethical issues at Olympus included untruthful and inaccurate financial statements and disclosures The corporate culture at Olympus included a board that was not independent but was controlled by Kikukawa the former chair and a few other executives Olympuss board of auditors was supposed to supervise the board of directors but seemed to do the bidding of Kikukawa also Olympus had three employees involved in hiding information from the external auditors and the banks agreed to lie on any auditors confirmations received The external auditors KPMG did find one of the tobashi schemes they asked about the scheme and believed managements explanation Management agreed to write off the scheme found and lied when it said it was the only scheme The external auditors did not seem sufficiently although this is hindsight The governance and ethics lesson to be learned from the Olympus affair is that a lack of underlying ethical values trumps full disclosure ...View the full answer
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Related Book For 
Ethical Obligations and Decision Making in Accounting Text and Cases
ISBN: 978-1259730191
4th edition
Authors: Steven Mintz, Roselyn Morris
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