THREE FORMER EXECUTIVES at Japanese camera maker Olympus have pleaded guilty to charges related to a $1.7bn (£1bn) accounting fraud.
Tokyo prosecutors charged former president Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former director and auditor Hideo Yamada for falsifying accounts to hide massive investment losses at the company.
Reports suggest they could face up to ten years in prison, while Olympus can be penalised with a fine of up to £5.5m.
The scandal was revealed last year when British ex-chief executive Michael Woodford turned whistleblower and raised questions about suspicious merger and acquisition payments.
In January, auditors KPMG and Ernst & Young were cleared of any responsibility for the accounting black hole discovered at Olympus.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Three former Tesco executives, including the former finance director of Tesco UK, have denied charges of fraud and false accounting in relation to a £326m accounting scandal at the supermarket
For uncontested probate cases, clients should be turning to their accountants and not their lawyers and cutting out the middle man. But why are accountants better equipped than lawyers to assist?