Former Olympus CEO Michael Woodford has criticised the in-house auditing system as a mere facade
An independent panel probing the $1.7 billion cover-up of losses at Japanese camera and medical equipment maker Olympus cleared two leading accounting groups of responsibility on Tuesday. The scandal came to light after British former chief executive Michael Woodford, pictured, the first non-Japanese to lead the firm, blew the whistle when he was sacked by Olympus in October.