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Olympus (Overview (Japan's press - speculating he was just a puppet…
Olympus
Overview
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Hired an independent auditor, PWC to uncover the losses hidden by Olympus which eventually exposed by an western news outlet
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Culture
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Company culture
Important to show respect and be diplomatic at all times, have good r/s
which resulted in lack of business culture in which the board is expected to critically review and question management decisions
Japanese companies tend to use lower tier audit firms and not the big 4 since they will raise the red flags
Aftermath
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Ruling democratic party of Japan made better corporate governance part of their agenda when they gained power in 2009.
Forged a partnership with Sony Corp- sold new shares, increase number of outside directors
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