BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
Tuesday, 24 September, 2002, 05:34 GMT 06:34 UK
Fresh accounts inquiry rocks Xerox
Xerox headquarter
Xerox massaged its accounts for four years
The office equipment giant Xerox is having to face a fresh investigation of its accounting practices, this time by the US attorney's office.


Our understanding is that the probe is into the same matters

Christa Carone
Xerox spokeswoman
The federal prosecutor's inquiry follows an investigation by the stock market regulator, Securities and Exchange Commission which in April resulted in a $10m civil settlement.

At the time, the SEC said Xerox had used what it referred to as "accounting tricks", "accounting actions" and "accounting opportunities" to create the appearance that its earnings were $1.5bn greater than they actually were.

"Our understanding is that the probe is into the same matters," said a Xerox spokeswoman Christa Carone.

"We still need to learn of the full context of the investigation."

Record settlement

Under the terms of the SEC settlement, Xerox agreed to restate its accounts for 1997 to 2000 and adjust its 2001 results.

But beyond paying the largest settlement yet seen in the US, Xerox did not admit any wrongdoing.

Shares in Xerox fell 32 cents to $6.67 on Monday.

See also:

28 Jun 02 | Business
29 Jun 02 | Breakfast
14 Aug 02 | Business
11 Apr 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes