Search results
Results From The WOW.Com Content Network
Not all accounting scandals are caused by those at the top. In fact, in 2015, 33% of all business bankruptcies were caused by employee theft. [ 16 ] Often middle managers and employees are pressured to or willingly alter financial statements due to their debts or the possibility of personal benefit over that of the company, respectively.
Allaire, Thoman, Romeril, and three other senior Xerox executives paid the SEC $22 million to settle accusations by securities regulators that they participated in a large accounting fraud that allowed the company to overstate its profits by $1.4 billion from 1997 to 2000. As the "Xerox six" were not found guilty of wrongdoing, Xerox said that ...
Allaire, Thoman, Romeril, and three other senior Xerox executives paid the SEC the sum of $22 million to settle accusations by securities regulators that they participated in a large accounting fraud that allowed the company to overstate its profits by $1.4 billion from 1997 to 2000. As the "Xerox six" were not found guilty of wrongdoing, Xerox ...
In a filing with the Securities and Exchange Commission, Xerox announced today it was under investigation by the SEC as a result of the accounting practices at Affiliated Computer Services (ACS ...
For premium support please call: 800-290-4726 more ways to reach us
The complaint alleged Xerox deceived the public between 1997 and 2000 by employing several "accounting maneuvers," the most significant of which was a change in which Xerox recorded revenue from copy machine leases – recognizing a "sale" when a lease contract was signed, instead of recognizing revenue over the entire length of the contract.
"Tone at the top" is a term that originated in the field of accounting and is used to describe an organization's general ethical climate, as established by its board of directors, audit committee, and senior management. Having good tone at the top is believed by business ethics experts to help prevent fraud and other unethical practices.
Good morning. Ideally, CFOs should approach the accounting process ethically, but there are currently two high-profile scandals with finance chiefs in the spotlight—but for different reasons.