TOKYO Toshiba Corporation (TOKYO: 6502) today released Improvement Plan and Situation Report, a summary of the analysis of the causes of the companys accounting issue, the preventive measures that it has taken, and the progress to date in their implementation. The report covers progress in implementing the preventive measures reported to Toshiba Rebuilding Initiative and FY2015 forecast released on December 21, 2015, and in the Revision of FY2015 Consolidated Business Results Forecast and the Progress of the Toshiba Rebuilding Initiative dated February 4, 2016. Todays announcement is a detailed update of actions taken since February 4, 2015.
The Company has already put in place an Accounting Compliance Committee charged with strengthening internal control and handling financial and accounting risk factors, including whistleblowing, and improving information sharing. Through the workings of the Committee, the company will improve and strengthen the effectiveness of its internal control mechanisms for accounting and further improve the decision-making process regarding information disclosure. In order to reinforce supervisory functions, the company will also augment the Internal Audit Division and appoint a full-time audit commissioner.
While implementing measures to prevent recurrence, several departments and subsidiaries recognized further instances of inappropriate accounting treatment (see Annex) that predate the results of the investigation first collated in September 2015. After consultation with the Audit Committee, their losses were accounted for appropriately in the financial statements for the second quarter (July-September period) and the third quarter (October-December period) of FY2015. The Company identified these accounting treatments through a newly established internal audit, whistleblowing, and other procedures, while implementing preventive measures to improve and strengthen its corporate governance system. However, the company deeply regrets that awareness of the need for prompt information disclosure has yet to reach all employees. Reflecting on this issue, the company as a whole will make every effort to further improve its internal controls and corporate culture.
Going forward, any doubtful items that may arise in future accounting will be discussed in the Accounting Compliance Committee. The company will further enhance internal control by sharing information within the department concerned and across departments, and conducting an inspection to search for any similar incidents.
(1) Strengthening Internal Control and Information Disclosure
In order to enhance internal control and to raise consciousness across the company, the Accounting Compliance Committee, headed by the President and Chief Executive Officer, will meet to collect information and evaluate risk factors that might cause financial statements to be improperly or not prepared or that do not provide adequate disclosure, due to inappropriate accounting treatment, and to discuss and decide on specific measures necessary to prevent risk factors associated with accounting.
Furthermore, in the event that any concerns in respect of accounting treatment come to light as the result of an internal audit or whistleblowing, any individual who has information relevant to the matter will be required to notify the Accounting Compliance Committee, which in turn will determine how to handle the matter and devise an action plan. Additionally, the Information Handling Supervisor, a member of the committee, will promptly collect information on risk, determine the need to disclose information, and if required, to also protect whistleblowers.
Through the activities of the Accounting Compliance Committee, Toshiba will continue to improve its internal control system and address individual risks appropriately. The committee will also strive to eliminate inappropriate accounting treatments in close cooperation with the related functions, including the Audit Committee and the Internal Audit Division.
(2) Appointment of a Full-Time Audit Commissioner
The Audit Committee is composed solely of independent outside directors with specialist knowledge in finance, legal affairs or business management. The company is seeking to strengthen the function of the Audit Committee with measures to reinforce the Audit Committee Office, and has decided to appoint a full-time audit commissioner in order to further beef up the Committee's ability to collect and analyze reports, as described below.
Name: Ryoji Sato
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TOKYO Toshiba Corporation (TOKYO: 6502) today released Improvement Plan and Situation Report, a summary of the analysis of the causes of the companys accounting issue, the preventive measures that it has taken, and the progress to date in their implementation. The report covers progress in implementing the preventive measures reported to Toshiba Rebuilding Initiative and FY2015 forecast released on December 21, 2015, and in the Revision of FY2015 Consolidated Business Results Forecast and the Progress of the Toshiba Rebuilding Initiative dated February 4, 2016. Todays announcement is a detailed update of actions taken since February 4, 2015.
