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Olympus Scandal: Audit Failure and Ethics

   

Added on  2020-05-28

8 Pages1830 Words169 Views
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Running head: AUDITING THEORY AND PRACTICEAuditing Theory and PracticeName of the Student:Name of the University:Author Note
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1AUDITING THEORY AND PRACTICEExecutive SummaryThe manipulation of the financial statements that has been done intentionally for thesatisfaction of the personal interests of a particular business executive or entity can besummarized as an accounting scandal. The particular accounting scandals may be in the nature ofoverstatement or understatement of revenue, non-inclusion of proper disclosure or improperdisclosure or misuse of funds.This particular study aims to provide an overview into the accounting scandal that hadtaken place in the world-renowned optical equipment manufacturer Olympus, in the year of2011. The financial statement fraud that had been incorporated into the corporation was that ahuge amount of loss over business acquisitions had not been essentially disclosed in the financialstatements.
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2AUDITING THEORY AND PRACTICETable of ContentsIntroduction......................................................................................................................................3Overview into the Olympus scandal................................................................................................3Example of fraud in Olympus Corporation.....................................................................................4Role of the auditors in the scandal...................................................................................................4Conclusion.......................................................................................................................................5Ethical Dilemma..............................................................................................................................6References........................................................................................................................................7
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