Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘Olympus

Olympus sued by 6 banks over accounting fraud; largest in a series of suits

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Bloomberg reports Olympus Sued for $273 Million After 13-Year Fraud.

Six banks filed suit claiming 27.9 billion yen ($273M) damages from the drop in stock price after the fraud was disclosed.

The article says Olympus was sued in November 2012 by a group of investors. That claim was for 19.1B Yen ($186M). That one had been preceded by 14 other suits.

Written by Jim Ulvog

April 16, 2014, 8:43 am at 8:43 am

Posted in Fraud

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Olympus back in news – will face fraud charges in England

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The British Serious Fraud Office (SFO) will prosecute Olympus and its sub in England, Gyrus, for fraud.

The Olympus press release on this page says the SFO will bring criminal charges against the company. The statement says: Read the rest of this entry »

Written by Jim Ulvog

September 4, 2013, 9:20 am at 9:20 am

Posted in Accounting, Fraud

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Suspended sentences for senior Olympus officials in $1.7B fraud

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Suspended sentences all around.

The Bloomberg report, Ex-Olympus Chairman Gets Suspended Sentence for Fraud, says the three senior staff charged a year ago received suspended sentences after their guilty pleas.

The individuals and their sentences: Read the rest of this entry »

Written by Jim Ulvog

July 3, 2013, 12:02 pm at 12:02 pm

Posted in Audits, Fraud

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My guest post at re: The Auditors is at the top of the list for her favorites of 2012

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Wow! My guest post on the Olympus fraud, How Do You Hide A Multibillion Dollar Loss? Accounting For The Olympus Fraud, (link below) is at the top of Francine McKenna’s list of favorite posts for 2012.

Her comment: Read the rest of this entry »

Written by Jim Ulvog

January 1, 2013, 13:53 pm at 1:53 pm

Posted in Accounting, Audits, Fraud

Tagged with ,

Olympus scandal – the CEO’s bio is released

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Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower“, from the former Olympus CEO Michael Woodford is out this week.

The first review I’ve seen is at The EconomistPaying a price for doing what’s right.

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Written by Jim Ulvog

November 28, 2012, 8:02 am at 8:02 am

Posted in Audits, Fraud

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Former president of Olympus and two others plead guilty

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Associated Press reports the ex-president pled guilty to securities law violations. Two other senior staff pled guilty as well.

The AP report can be found in the Wall Street Journal article, Ex-President of Japan’s Olympus Pleads Guilty.

The Reuters report can be found in the New York Times article, Guilty Pleas in Trial Over Olympus Scandal.

The three individuals pleading guilty:

Read the rest of this entry »

Written by Jim Ulvog

September 25, 2012, 7:45 am at 7:45 am

Posted in Fraud

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Japanese regulators slightly criticize Olympus auditors then say the corrective action plan they require wouldn’t have found the fraud anyway

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Reuters reports that the Japanese regulator, Financial Service Agency, criticized KPMG and Ernst & Young for their audits of Olympus. Then they partially retracted their criticism.

The Reuters article, Japan regulator raps KPMG, Ernst & Young for Olympus work, says the two firms

…lacked operational management systems to ensure proper auditing that would spot and flag dubious transactions.

The regulators didn’t find any “intentional acts of grave negligence” according to the article.

I guess that means they should have had the foresight to develop some unidentified management system that would have identified the fraud.

The two firms have to develop a business improvement plan and report on their progress every six months.

An official then essentially retracted the criticism. Check out this comment:

Read the rest of this entry »

Written by Jim Ulvog

July 10, 2012, 8:06 am at 8:06 am

Posted in Audits, Fraud

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