Auditors and Regulatory Oversight

Auditors and Regulatory Oversight

Order Details

The Securities and Exchange Commission (SEC) is found to be responsible for regulating and controlling the operations of the public companies. When SEC evaluated the functions of all the companies, it was revealed that some of them were violating GAAP (generally accepted accounting principles). The companies were doing it by using new accounting practices, so as to present the manipulated information to the creditors and investors about their company’s health (Lessambo, 2014). In order to establish a more cohesive understanding of these practices, the present study is intended to examine and evaluate the “Olympus Scandal. The scandal of the Olympus Corporation is found to be one of the prominent scandals to break that was caught in late 2011. It is important to notice that the Olympus Corporation is a leading Japanese corporation that is famous for the manufacturing of medical imaging tools and cameras.According to Farrell (2015), the previous management of Olympus had covered the losses for approximately thirteen years. When the scandal got revealed, the former chairman of the company, i.e., Tsuyoshi Kikukawa as well as two executives had to receive suspended prison sentences. Moreover, company’s advisor was sent to imprisonment for four years.

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