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  "documentTitle": "Nidec Corp. (6594 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "The slide uses a 'villain critique' approach to undermine the credibility of the company's financial oversight.",
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      "text": "Including with its predecessor firms, Nidec’s auditor, Pricewaterhousecoopers Kyoto (“Kyoto Audit”), has issued unqualified audit opinions on no fewer than six accounting scandals.",
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      "text": "Yaohan Japan Corp.67,68\nYamaichi Securities69,70\nAshikaga Bank71\nKanebo Ltd.72\nNikko Cordial Corp.73\nSanyo Electric74",
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      "text": "Including with its predecessor firms, Nidec’s auditor, Pricewaterhousecoopers Kyoto (“Kyoto Audit”), has issued unqualified audit opinions on no fewer than six accounting scandals. The PCAOB has found troubling issues in two inspections of its current incarnation – including weaknesses in its audits of Nidec.66 (Some of the PCAOB’s specific criticisms of Kyoto Audit resonate with certain issues we have identified.)",
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      "text": "Wanxiang: “The company sells constant-speed drive shaft, car wheel units and drive shaft and other products. Revenue recognition for domestic sales meet the following conditions: the product has been delivered to the customer according to the contract, and the amount of product’s sales revenue is determined, the payment has been collected or a payment voucher has been obtained, the associated economic benefits will likely flow to the company, the costs related to the products can be reliably measured.”64",
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      "text": "Weifu: “Concrete judging criteria for time of recognized the income from goods sales: The Company’s domestic sales revenue recognition time: The company delivers goods as agreed, checks the goods that the buyers have received and inspected during the period of the last reconciliation date and this reconciliation date with the buyers on the reconciliation date as agreed, and transfers the risks and remunerations to the buyers after checking, the Company issues the invoices to the buyers in accordance with the recognized varieties, quantities and amounts and affirms the sales revenue realization on the reconciliation date.”65",
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      "text": "The accounting scandals for which Chuo Aoyama PwC had served as auditor include:",
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      "text": "“The company sells constant-speed drive shaft, car wheel units and drive shaft and other products. Revenue recognition for domestic sales meet the following conditions: the product has been delivered to the company according to the contract, and the amount of product’s sales revenue is determined, the payment has been collected or a payment voucher has been obtained, the associated economic benefits will likely flow to the company, the costs related to the products can be reliably measured.” — Wanxiang",
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      "text": "Nidec's Auditor is Highly Questionable",
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