future years Olympus Case Olympus story begins with the common problems we face the Japanese managers since the mid-eighties. The problems were related to the appreciating yen and maintaining profitability through offensive management of their financial assets. This "creative accounting" has turned out to be ineffective and caused huge losses after the economic breakdown in Japan in the early nineties. Some of these companies received compensation from brokerage firms, which carried out the
Words: 871 - Pages: 4
recent years the need for them has increase due to the creativity of white collar crime and the use of technology. Forensic accountants are specialists who work with financial information such as business records, bank statements, and tax returns for the purpose of finding valid data. This data is used to prepare their reports. The report is prepared in a manner that will be easily understood by the attorneys to use in research, negotiations or court proceedings. In the business world forensic accountants
Words: 1709 - Pages: 7
the notorious, take-no-prisoners West Point graduate and veteran corporate downsizer unaffectionateiy known as "Chainsaw Al" — who put company managers under orders to get the stock price up at any cost. One way to do that, as it turned out, was to report robust .sales of electric blankets in the summer and barbecue grills in late autumn. Eventually, earnings woes and Dunlap's bluster prompted his ouster by an aroused board of directors in June 1998. That was followed shortly by the replacement
Words: 2578 - Pages: 11
activities, corruption and the risk of fraud. Fraud, which is the major reason for setting up on internal control system, has become a great pain in the neck of many Nigerian bank managers. It has also become an unfortunate staple in Nigeria’s international reputation. Fraud is really eating deep into the Nigerian banking system and that any bank with a weak internal control system, is dangerously exposed to bank fraud. The CBN reported that cases of attempted fraud and forgery in banks, as at half-year
Words: 5108 - Pages: 21
Bernard Madoff and the 2008 Financial Crisis On December 11, 2008, the Securities and Exchange Commission (“SEC”) charged and arrested Bernard Madoff and his investment firm, Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme. On March 12, 2009, Madoff pled guilty to an 11-count criminal complaint admitting to running an international Ponzi scheme and defrauding thousands of investors. The SEC defines a Ponzi scheme as an investment fund that
Words: 2506 - Pages: 11
1. How serious were Stephen Richards’ actions? Why? Stephen Richards’s actions were extremely serious; manipulating Computer Associates’ quarter end cutoff to align CA’s reported financial results with market expectations by violating the generally accepted accounting principles and their financial reporting responsibilities. According to the U.S. Securities and Exchange Commission, Richards with other CA executives extended CA’s fiscal quarter, “ instructed and allowed subordinates to negotiate
Words: 1621 - Pages: 7
American Journal Of Business Education –Fourth Quarter 2014 Volume 7, Number 4 Olympus Imaging Fraud Scandal: A Case Study Dennis Elam, Texas A&M University-San Antonio, USA Marion Madrigal, Texas A&M University-San Antonio, USA Maura Jackson, Texas A&M University-San Antonio, USA ABSTRACT This case examines the two decade long tobashi scheme by Olympus Imaging Executives to hide $1.7 billion in losses. In the 1980s, a soaring yen and falling dollar caused bottom line income problems for
Words: 5012 - Pages: 21
while dealing with rules of law and other infrastructures worldwide. Enron owned a large network of natural gas pipelines, which stretched ocean to ocean and border to border. Enron Corporation represented one of the largest fraud scandals in history. As a result of the fraud investigations, the company was forced to file for bankruptcy in December 2001. Enron was “a provider of products and services related to natural gas, electricity and communications to wholesale and retail costumers” The sudden
Words: 737 - Pages: 3
Chaos in the Caribbean Strayer University Forensic Accounting and Fraud Examination ACC 571 Dr. Timothy Brown ------------------------------------------------- 1. Evaluate Avey’s role as an expert witness for the Jamaican government. Avey and his firm were hired by the Jamaican government starting in the early in the 90s to investigate accusations of fraud and mismanagement and prepare reports outlining his findings starting with the Blaise Merchant Bank and Trust Co which spread to
Words: 1487 - Pages: 6
AUDIT ................................................... 16 CHAPTER8. EVALUATE RESULTS AND ISSUE AN AUDIT REPORT .... 17 REFERENCE ............................................................................................. 18 INDEPENDENT AUDIT REPORT................................................................ 19 ENGAGEMENT LETTER………………………………………………………..20 FINANCIAL STATEMENT .......................................................................... 22 2 INTRODUCTION
Words: 3788 - Pages: 16
