The 185-page report prepared by an independent panel investigating the Olympus accounting scandal has been released confirming the $1.7 billion cover-up reported by Reuters. The harshly-worded report says, "The core part of management was rotten and the parts around it were also contaminated by the rot." It criticized external auditors KPMG AZSA and Ernst & Young ShinNihon for "assisting with the concealment" and Olympus' "tribal culture of the Japanese salaryman."

The report lists 10 primary reasons for the the scandal but blame is directed mainly at the former internal auditor Hideo Yamada and former vice president Hisashi Mori who cooked the books for 13 years in order to boost the outward appearance of Olympus' financials. Two former Olympus presidents also knowingly colluded in the scheme according to the independent investigation. No link was found to organized crime as previously rumored. The report urges legal action against the responsible executives and the replacement of those that knew about the illegal cover-up.