Olympus: The Biggest Japanese Fraud in HistoryHistory of Olympus Corporation: Olympus was founded in 1919 by Mr. Takeshi Yamashita. His initial goal with Olympus was to launch microscope manufacturing in Japan. The Olympus company is a manufacturer of cameras and medical equipment. Its headquarters is in Tokyo, Japan and its current CEO is Shuichi Takayama. This company was the first to use industrial techniques to produce microscopes, in Japan. The name Olympus comes from Mont. Olympus, which is the home of 12 Greek gods. It symbolizes the ambition to create high-quality products. The company has undergone several name changes. Its initial name was Takeshi Yamashita's Takachiho Seisakusho Institution. In 1942 it was renamed Takachiho Optical Corporation, in 1949 Olympus Optical Corporation, and finally Olympus Corporation in 2003. As stated earlier, its first product was a microscope called the Asahi 600x. In 1936, Olympus produced its first camera called the Semi-Olympus 1. In 1950, it introduced the company's first gastro camera. In 1964, Olympus expanded to Germany and in 1968 established its subsidiary in the United States of America. The main objective of the American subsidiary was to market medical products and microscopes. In the same year the company expanded into the endoscope sector. In 1971, Olympus expanded into clinical analysis. In 2011, Olympus' accounting scandal broke and its stock price plummeted, but it still remained in operation. The Olympus company is listed on the Tokyo Stock Exchange, and its stock price as of the end of March 28, 2014 was ¥3,345. The Olympus Fraud: When a company believes that there is no way to survive the current situation and when losses are greater than profits, some people might say... in the middle of the paper... that there is no collusion between the fraud and external auditors.9. Internal Audit Department Olympus should have an audit department that ensures that all written accounting procedures are followed correctly and implements controls to ensure that a company is free from fraud. Auditors should ensure that monthly bank reconciliations are performed correctly and produce each time an acquisition is made certifying that it is legitimate (among other tasks).10. Establish a Transparency Policy Olympus should establish a transparency policy that gives all interested parties access to financial reports and informs them of all acquisitions and future plans. This will make the company more participatory and more transparent in the eyes of stakeholders, which is likely to increase the number of investors. This will also allow other people