Toshiba Corporation has established an Independent Investigation Committee to check the appropriateness of the projects undertaken by the company.
This move is aimed at enhancing the confidence of stakeholders as the
Independent Investigation Committee will follow the guidelines formed by the Japan Federation of Bar Associations.
The Toshiba Corporation has undermined the role of Independent Investigation Committee for the projects undertaken. As per the latest report, the company has announced updated notice regarding the role and selection of members of Independent committee.
The company has mentioned the scope and role of Independent Investigation Committee.
The Independent Investigation Committee will check the accounting methods in relation to the percentage of completion of the project. It will also track the operating expenses in visual products business.
The Independent Investigation Committee will also keep an account of the valuation of the inventory in the semi-conductor business and component transactions.
The company earlier had a Special Investigation Committee, which was internally based.
The Toshiba Corporation, which wants to address all accounting issues in an orderly manner for smooth functioning of the projects, has decided to appoint Independent Investigation Committee to look matters on accounting based on percentage of -completion method.
The duration of investigation by the Independent Investigation Committee is not determined yet and will be announced shortly.
Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into five strategic business domains: energy and infrastructure, community solutions, healthcare systems and services, electronic devices and components, and lifestyles products and services.