Xerox Accounting Fraud

Paper Summary:

This paper discusses the accounting fraud committed by Xerox Corporation, which involved accounting irregularities in connivance with Xerox's auditing firm at that time, KPMG. The paper provides a background of Xerox Corporation and discusses the legal complaint filed against them in 2002. It describes the actions that were taken and the aftermath of the scandal.

From the Paper:

"At present, Anne M. Mulcahy is the chairman of the board and chief executive officer of Xerox Corporation. She was appointed as the company's CEO on August 1, 2001, and five months later, was eventually given the chairmanship on January 1, 2002. Before reaching the top helm of the corporation, Mulcahy was Xerox's "president and chief operating officer from May 2000 through July 2001. Prior to that, she was president of Xerox's General Markets Operations, which created and sold products for reseller, dealer and retail channels. She began her Xerox career as a field sales representative in 1976 and assumed increasingly responsible sales and senior management positions. From 1992-1995, Mulcahy was vice president for human resources, responsible for compensation, benefits, human resource strategy, labor relations, management development and employee training. (About Xerox, 2007)" In the more than 30 years Mulcahy worked for Xerox, she handled several other positions such as "chief staff officer in 1997, corporate senior vice president in 1998, vice president and staff officer for Customer Operations, covering South America and Central America, Europe, Asia and Africa. (About Xerox, 2007)" She is a graduate of the Marymount College, New York and earned a Bachelor of Arts in English/Journalism."

Sample of Sources Used:

• About Xerox. (2007). [Online] Retrieved April 16, 2007 from the Xerox Corporation database on the Website: http://www.xerox.com/go/xrx/portal/STServlet?projectID=ST_About_Xerox&pageID=Landing&Xcntry=USA&Xlang=en_US
• Norris, Floyd. (2003, June 6). "6 from Xerox to pay SEC $22 million." New York Times. Late Edition - Final, Section C, Page 1.
• U.S. Securities and Exchange Commission. (2002 April 11). Complaint: SEC vs. Xerox Corporation. [Online] Retrieved April 16, 2007 from the U.S. SEC database on the Website: http://www.sec.gov/litigation/complaints/complr17465.htm
• U.S. Securities and Exchange Commission. (2005, April 19). KPMG pays $22 million to settle SEC litigation relating to Xerox audits. [Online] Retrieved April 16, 2007 from the U.S. SEC database on the Website: http://www.sec.gov/news/press/2005-59.htm
• U.S. Securities and Exchange Commission. (2002, April 11). Xerox settles SEC enforcement action charging company with fraud, agrees to pay $10 million fine, restate its financial results and conduct special review of its accounting controls. [Online] Retrieved April 16, 2007 from the U.S. SEC database on the Website: http://www.sec.gov/news/press/2005-59.htm

More papers on Xerox Accounting Fraud:

• Case Study # 45255 : "Xerox Fraud"
• Essay # 67425 : "The Xerox Debacle"
• Analytical Essay # 123268 : "Auditing and Fraud Prevention"

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