Why the problem appeared
- Dishonest Board Members
- Xerox failed to meet Wall Street requirements
- Falsify results
Effected Stakeholders
Alarming Symptoms
- United States and Fraud
- Deception plan
- Xerox sacked auditors
- Hidden proof of fraud
1) Employees
2) Shareholders
3) Auditors
4) Xerox Creditors/Bank
5) Government
Dimika Patel, Katrina Ip, Jaime Lai, Karim Ahmed, Guy-Marc Zai
The Company
Response - Financial Community
Response - Society
- Changes in accounting system
- SOX law
- Official penality
- CEOs and CFOs responsibility
- Improve validity of reports
- Sued by SEC
- Began in 1997
- 5 years financial fraud
- $2 BILLION
- WorldCom And Enron
- $10 million civil penalty charge
- Shares
- FTSE 100
- Dow Jones
- Dollar
- Ethics