Professor Elam

Tuesday Jan 17, 2012

Olympus Imaging has become one of the biggest ethical frauds in Japanese history. This article sums up the story to date. The article idicates that individual auditors rather than the firms are being blamed. It goes on to note that without an external auditor it will be difficult for Olympus to stay current with its reporting. 

Hmm, maybe the firms did not do anything wrong but what did they do right?  If an audit firm can miss $1.7 B in losses, It seems to me that something is amiss.