An investigation by markets watchdog, the US Securities and Exchange Commission earlier this year, found that Xerox had used ‘accounting tricks, accounting actions and accounting opportunities’ to create inflated earnings.
Under the terms of the SEC settlement, Xerox agreed to restate its accounts for 1997 to 2000, adjust its 2001 results and pay a record $10m civil settlement.
Xerox neither admitted nor denied the allegations, but agreed to pay the fine. The company said it would co-operate fully with the new investigation.
An audit carried out by PwC in June found that Xerox had exaggerated its figures for the past five years by £3.9bn
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements