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10 pages. When it was learned that Xerox had overstated its revenues, it was just another in a long line of financial shocks that have rocked corporate America. What caused this fraud and what was the impact to the shareholders? This paper focuses on these questions and more regarding the Xerox scandal. Bibliography lists 15 sources.
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impact to the shareholders? This paper focuses on these questions and more regarding the Xerox scandal. Accountants are held responsible for their conduct as set out by the rules
of the Government Accounting Standards Board. It is in the best interest of the accountant to keep a clients accounting information private; however, the information may be seized or
subpoenaed by a governing body if it is deemed to be necessary in a court of law. The importance of upholding accounting standards cannot be stressed enough. It
is on a level with legal decisions or production decisions in determining how a business will perform in the future. The accounting information and its use is the measure
which can determine whether a business will be able to continue. HISTORY OF XEROX Xerox was formed in 1906 and had grown to an international corporation with over eighty
thousand employees. Obviously this organization did not start out by defrauding people; it was a highly respected and well-known organization. Xerox became best known for their photo-copying machines
that had taken over the market. Their machines and technology in the photo-copying department are so well known that the word Xerox has become universally to be known as
a photocopy (Pratley and Treanor 2002). ELEMENTS OF THE FRAUD While Xerox originally reported that the overstatement of their revenue was up to two billion dollars, they later reported
that it could be as much as six billion. This surprising revelation made many think that Xerox was unable to "even calculate the size of its own fraud properly"
(The Daily Enron, 2002, PG). There were, according to the SEC, many "accounting tricks and accounting opportunities to boost earnings by some $1.5 billion" (CBS News, 2002, PG). In
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