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7 Steps Analysis

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Seven-Step Analysis

Case: Olympus’ Accounting Fraud
Report by: Jessica Gahtan
Course: MGMT 1040
Instructor: Professor Bill Woof

Table of Contents:

Review of the case…………………………………………………...........3
Recognize all moral impacts…………………………………………….5
Stakeholder Table
Key Stakeholder Analysis
The Moral Problem………………………………………………………..10
Why is it a moral problem?  
The moral problem and ethics
Economic Outcomes……………………………………………..……….12
Legal Requirements…………………………………………...………...13
Ethical Duties.……………………………………………………..…...…..15
Personal Virtue
Self-interests
Government requirements
Utilitarian benefits
Universal duties
Contributive liberty
Proposed Solution………………………………………………………….18
Conclusion………………………………..……………………………........19
Bibliography……………………………………………………..……………20

Review of the case

Olympus is an influential Japanese manufacturer of camera and medical equipment. The company’s revenue in 2011 was 10.7 billion dollars making it look like a very viable corporation for investors until news broke out about its accounting practices. When financial markets crashed in Japan over twenty years ago, Olympus found itself with over a million dollars worth of losses. In the wake of the economic turmoil, the Japanese government turned a blind eye when large corporations used accounting tricks to make their assets appear superficially higher than their actual worth. As global accounting standards became more stringent, so too did the Japanese government in regulating how corporations reported their finances. Olympus chose to reject the reforms and continued to hide its losses through different tricks like moving corporate funds into shell companies. When Michael Woodford, who had been kept in the dark about these accounting malpractices, was promoted to Chief Operations Officer, he began to review the company’s accounting details. Woodford found some peculiar entries regarding some of the acquisitions that he began to investigate. Since his...

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