Xerox Accounting Scandal And Its Impact On The Situation

2148 Words May 21st, 2016 9 Pages
Auditing Group Assignment

ATIF MANZOOR
ASIFUL ISLAM
PUSPITA GHOSH
MEHADI HASAN

Table of Contents
Overview 3
Xerox as an organization 3
Xerox accounting scandal 3
Impact of accounting scandal 5
The violations 5
Effect of accounting scandal on share price and company overall 6
Role of auditor in Xerox scandal 6
Effect of auditor’s involvement impact the situation 6
Recent developments about the case 7
Lessons learned 7
References 8

Auditing Group Assignment
Overview
A number of financial statement frauds went undetected from auditors in past and attracted a high profile attention. The businessmen add fake assets or transfer the assets of companies to their personal assets and result in accounting scandals when the affected companies are bankrupted or are even close of bankruptcy. Just to mention a few names, accounting scandals of Enron, AOL Time Warner and Xerox are among the hottest accounting scandals of the century. This means that despite presence of professional auditors accounting scandals happen and there is a need to learn from the mistakes of the auditors who overlooked these activities. In this report the case study of Xerox is analyzed in detail to highlight violations of accounting principles and present an example from which lessons can be learnt for the future.
Xerox as an organization
Xerox is an American corporation having its headquarters currently in Norwalk Connecticut. The headquarters of the company moved from…

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