Xerox Financial Fraud Case Analysis Essay - 1620 Words

Financial Research – The Xerox 1 Financial Research Xerox Financial Fraud Case Analysis This paper was prepared for Auditing Procedures Financial Research – The Xerox Abstract On April 8th, 2002, the Xerox Corporation (Xerox) announced its willingness to accept the U.S. Securities and Exchange Commission (SEC) to reach a settlement with the conditions. Thereafter, its financial fraud became surfaced. On June 28th, Xerox Corporation in accordance with the requirements of the settlement, submitted the unaudited 1997-2000 restated annual financial statements to the SEC, and recognized fraud interest income of $6.4 billion, pre-tax profit of $1.4 billion (SEC thought that should be $1.5 billion) during this period, which sparked†¦show more content†¦Lured by the huge profits, KPMG who providing the accounting services for many years has surrendered its violations, lose the principles in the front of professional standards and ethics. Fraud Analysis: The case of Xerox involved the accounting operating practices can be summarized into two main categories: advance to confirm rental income and the use of illegal ready adjustment of profits. 1. Advance to confirm rental revenue. The greatest means of fraud accounting profit is to use the sales-type leasing. Before the lease beginning date to confirm the lease-related revenue, Financial Research – The Xerox and to make the current profit targets meet with Wall Streets expectations. In addition, Xerox specifically adopted the measures of return on equity and profits standardized to 5 overestimate the fair value of the leased asset. If the given book value of the leased asset, its fair value is greater, then the recognized sales profits with inception of the lease period will be greater. â€Å"The commission alleged that Xerox management accelerated the revenue recognition of leasing equipment over a four-year period by more than $3 billion, and inflated pre-tax earnings by $1.5 billion, to meet or exceed Wall Street expectations and hide its true operating performance.† 2. Manipulation of various violation of reserve. This is the second greatest Xerox accounting fraud measure. In the U.S. capital markets, variousShow MoreRelatedFinancial Statement Frauds29904 Words   |  120 Pages2002:53 Financial Statement Fraud - Recognition of Revenue and the Auditor’s Responsibility for Detecting Financial Statement Fraud - Tiina Intal and Linh Thuy Do Graduate Business School School of Economics and Commercial Law Gà ¶teborg University ISSN 1403-851X Printed by Elanders Novum Abstract Financial reporting frauds and earnings manipulation have attracted high profile attention recently. There have been several cases by businesses of what appears to be financial statementRead MoreThe Sarbanes Oxley Act Of 20021356 Words   |  6 PagesFinancial Statement Fraud Over the past decade the world has been taken by surprise by the numerous accounting scandals that have occurred, for example, Enron, WorldCom, Tyco, Xerox, and Global Crossing (Suyanto, 2009, p. 118). Since those accounting scandals occurred the United States Congress passed the Sarbanes-Oxley Act of 2002 (SOX) to help improve a company’s corporate governance and help deter fraud (Chinniah, 2015, p.2). In addition to SOX, the Accounting Institute of Certified Public AccountantsRead MoreAccountant Responsibility1863 Words   |  8 Pagespaid properly and on time. Accountants analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and local governments. The provide accurate information to clients by preparing, analyzing, and verifying financial documents, budget analysis, financial and investment planning, information technology consulting, and limited legal services. They analyze and communicate financial information for various entities such as companies, individualRead MoreHacking: Identity Theft and Information Essay1538 Words   |  7 Pagesover IT, management is also responsible for the security and system reliability of the entire accounting information system (AIS). This is because security is primarily a management issue, not a technology issue. The accuracy of an organization’s financial statements depends upon the reliability of its information systems. And information security is the foundation for system reliability. Therefore, information security is first and foremost is a management issue, not an information technology issueRead MoreWaste Management33554 Words   |  135 Pagesaccounting fraud and auditor legal liability c a S eS inc lu de d in t hiS Se ction 4 89 99 4.1 Enron Corporation and Andersen, LLP Analyzing the Fall of Two Giants . . . . . . . . . . . 4.2 Comptronix Corporation 4.3 Cendant Corporation . . . . . . . . . . . . . . . . . . . . . . Identifying Inherent Risk and Control Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . 111 119 127 137 Assessing the Control Environment and Evaluating Risk of Financial StatementRead MoreToyota the Rise of a Global Corporation6931 Words   |  28 Pagesdivision. Toyota expects to use its strong financial position to expand operations worldwide and increase its commitment to RD, especially in safety, automation, and environmentally friendly vehicles, such as the Prius, one of its hybrid cars. In spite of its strong commitment to future growth, Toyota has some challenges. Its net profits in the second quarter of 2004 dropped from  ¥301.9 billion a year earlier to  ¥297.4 billion. Toyota reports its financial information in yen, although it reportsRead MoreXerox Essay5974 Words   |  24 PagesACCOUNTING EDUCATION Vol. 26, No. 1 2011 pp. 219–240 Xerox, Inc. Edward Seipp, Sean Kinsella, and Deborah L. Lindberg ABSTRACT: This audit case examines an interesting real-life instance of financial statement manipulation by a client Í‘Xerox, Inc.Í’ and the related audit failure by the audit firm Í‘KPMGÍ’. The facts of this case are drawn from several SEC Accounting Enforcement and Administrative Proceedings Releases. Learning objectives specific to this case include an increased awareness of the importanceRead MoreXerox Inxight Parc Spin Off6859 Words   |  28 PagesIntroduction Mohan Trikha had a vision to maximize the value of two of Xerox PARC technologies: visualization and linguistics, both which were 20 years in the making. Trikha attempted to embed these technologies in as many applications as possible through the creation of a Xerox New Enterprise (XNE), Inxight. His objective was to demonstrate to the Xerox management team through a business plan, the feasibility and profitability of such a spin-out, as well as the validity in its creation to supportRead MoreBank Frauds in India are Substantial2419 Words   |  10 PagesThe number of bank frauds in India is substantial. It is increasing with the passage of time. All the major operational areas in banking. There are different area in Bank Deposits, loan, inter branch, accounting, transaction etc. Bank fraud is a big business in todays world. Banks these days are being duped of crores of Rupees, thus destabilizing investor’s confidence. The year 2005 witnessed the wiping of Rs. 1134.4 cr ores from the banking industry in India due to bank frauds, which was aboutRead MoreEssay about New Century Case2096 Words   |  9 Pages1.1) Brief of the New Century Financial Corporation Case Over the past two decades, nearly half of the homeowners obtained their loans through subprime mortgage lending. Subprime mortgages were becoming increasingly ordinary in daily life of business for homeowners over the past two decades. However, numerous lending institutions provided home loans to borrowers who have high credit risks and are not be able to payback the loans. New Century, which is the second largest subprime lender in the country

Importance of History Essay - 905 Words

Many students wonder why the study of history is so important in today’s curriculums. A simple answer to that is, one cannot proceed without knowledge of the past, or to say that one learns from others mistakes as well as their own. This being true, another reason to study history is to see, not only our mistakes so we may learn, but also to see the good influences that molded the world and culture we live in. The ancient civilizations of the Greeks, Hebrews and Romans contributed to our modern civilization, not just the eastern-European but western civilization as well. Those cultures and civilizations shaped eastern-European culture which intern shaped our western culture, so for us to truly study our cultural history we must revert†¦show more content†¦Oedipus possessed all the characteristics that were sought after in their society such as being highly respected, knowledgeable and he was the king of the land. However, the Greeks didn’t overlook the fact tha t everybody was human and septable to failure. â€Å"From that day on we called you king we crowned you with honors, Oedipus, towering over all-mighty king of the seven gates of Thebes. Bu now to hear your story—is there a man more agonized? More wed to pain and frenzy? Not a man on earth, the joy of your life ground down to nothing†¦Ã¢â‚¬ (631-632). This quote summarizes the Greek tragedy, that a man so high in social standing can fall so low. The Greeks used stories such as this to portray to their society that nobody is above the struggle of life and to urge the people to lead good lives and to strive for the embodiments that they wish to posses. In this culture the Greeks were polytheistic with one god being more powerful than the others (Zeus). This polytheistic viewpoint was not adopted into our modern religions and has almost become comical among our society. The Greek culture, for the most part, was unorganized and their concepts of multiple gods reflect the ch aos in which they lived. The Hebrew concept of religion on the other hand, though revolutionary in its time, withstood the test of time and is seen throughout modern cultures. The Hebrew concept of monotheism, the belief in one god, shaped their culture as it does many modern cultures.Show MoreRelated The Importance of History Essay992 Words   |  4 PagesWhat is history? Should we study history? Who creates history? Is history relevant? The definition of history, is a question which has sparked international debate for centuries between the writers, readers, and the makers of history. It is a vital topic which should be relevant in our lives because it?s important to acknowledge past events that have occurred in our world that deeply influences the present. This essay will discuss what history is, and why we study it. History is the studyRead MoreThe Importance Of The Discipline Of History1842 Words   |  8 PagesThe premise of the discipline of History is understood to be the packaged and reconstructed historical past and Historiography is understood to be the way in which we study the writings of this historical past and Leopold von Ranke is credited with implementing the processes that changed historiography in the mid-nineteenth century. For context, in assessing some of the contributions made by Leopold von Ranke to the concept of historiography it is necessary to look at the way in which historiographyRead MoreImportance Of Geography On The History1848 Words   |  8 PagesImportance of Geography in the History When the first Europeans came to the new world, the only people they met were different tribes of Native Americans living all over North America. Native American had a huge amount of land that they used for farming and hunting purposes. The natives believed that the land was given to them by their God and no one is the rightful owner of any land in America. The native tribes would move from place one to another and other tribes would come and take live in thatRead MoreThe History and Importance of the Trebuchet1631 Words   |  7 PagesAny sufficiently advanced technology is indistinguishable from magic. A. C. Clarke (Clarke). Throughout history, people have relied on technology to aid them. Technology has played an important role throughout time as a tool that has allowed people to achieve accomplishments never before possible. Technology has been crucial to survival as it has been used in warfare. Technology was used for both offensive and defense systems during times of sie ge, and could determine the fate of entire empiresRead MoreThe Importance Of Family History1343 Words   |  6 PagesKnowing our family history is essential to understanding ourselves and basic humanity and diversity. Family history helps to keep memories alive and allow each generation to have an idea of who they are and where they come from. It helps to provide meaningful connections to our ancestors. Old photos, letters, and journals give us a glimpse into what our ancestors were really like. Family histories are passed down to generations in the form of stories. As a young kid, I used to cajole my grandfatherRead MoreThe History and Importance of Cotton679 Words   |  3 Pagesmore Natives packing once again. African slaves were free labor that farmers sought out and needed to harvest all the cotton that had been planted. Cotton planters enjoyed hefty profits and sought to expand their thriving enterprises. With this history changing invention, demand for slavery increased mo re than ever. Southern masters bought more and more slaves to increase their cotton production levels. With this demand for cotton and slavery, came the Civil War. The North wanted to completelyRead MoreThe History and Importance of Robots1308 Words   |  6 PagesThe first known robot was created around 400-350 BC by the mathematician Archytas and was a steam powered pigeon. Archytas constructed his bird out of wood and used steam to power the movement of the robot. This bird was then suspended from a pivot bar at one point the bird managed to fly as much as 200 meters before it ran out of steam. This is not only the first known robot. Robots are machines capable of carrying out a complex series of actions automatically or controlled by imputed source byRead MoreThe Importance of the Study of History Essay676 Words   |  3 Pages to take at least two history courses. Most students take these history courses because they are required to do so. This raises the question, why study history? What is the importance of history to a common being? History is something that has happened and is factual. 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Forward Strategy Queensland Health Payroll †MyAssignmenthelp.com

Question: Discuss about the Forward Strategy Queensland Health Payroll. Answer: Program Information Program name: Queensland Health Payroll Forward strategy for payroll system The project characteristics of the forwarding strategy for the Queensland Payroll system are implementation of system, phased delivery of features on fortnightly basis, analysis of changing business requirements, and upgrading of software based on the requirement. The justifications for these characteristics are: The requirements of the system may not be 100% clear at the beginning and the project may demand certain changes or additions that can be incorporated with phased deliveries The system once implemented cannot be considered as always catering to needs of the changing business environment and thus, a continuous analysis and upgrading would be needed thereafter(KPMG , 2012) Governance and decision-making The project characteristics of the governance and decision making for the Queensland Payroll system are adapted governance framework, ownership structure, leadership engagement, working relationships, and roles and responsibilities of key project stakeholders. The justifications for these characteristics are: A governance framework would be needed which is adopted for the payroll portfolio Ownership structure, leadership engagement, and working relationships between people working on the project would ensure that right decisions are taken and project progresses smoothly. Key stakeholder requirements are important to cater to while taking decisions and thus, their roles and responsibilities have to be clearly understood(Walker, 2013) People and change The project characteristics of the people and change needed for the Queensland Payroll system are project manager, software developer and company employees. The justifications for these characteristics are: Project manager would ensure that all the needed activities are completed within budget and in time for the development project Developers would execute the coding activities to build the software Actual users of the system would be the employees of the company and thus, their potential usage would affect the development and implementation plan(Danilewicz, 2016) Funding The project characteristics of the funding needed for the Queensland Payroll system include costs of development, operations and improvement of the system. Justification of these characteristics is that the Funding should be sufficient to get all tasks completed and the resulting operations should be able to cover the costs(Fargo, 2015). The Participants Forward strategy for payroll system Owner CEO of the Queensland Government is the owner of the project Designers The designers of the system are the stakeholders who would suggest development and improvement ideas Contractors The contractors of the project would be the project manager who would understand stakeholder requirements and developers who would be incorporating the required changes as demanded by the stakeholders(VRINCUT, 2012). Governance and decision-making Owner Owner of this process would be the group leader who would be taking care of major decisions related to project governance Designers The designers of the system are the stakeholders who would suggest development and improvement ideas Contractors The contractors of the project would be the project manager who would assist top management in decision making through delivering project insights(Waterhouse, et al., 2009) People and change Owner The Project head of the company would be responsible for managing people and changes in the project Designers The designers of the system are the employees of the company who would suggest development and improvement ideas Contractors The contractors of the project would be the project manager who would bring change in the organization and would manage the people involved in the project as well as cater to the needs of the staff(Goldratt Cox, 2004) Funding Owner Project sponsor is the owner of the project Designers The designers of the system are finance manager and administrative staff who would be identifying needs and provisioning funds Contractors The contractors of the project would be the finance manager who would get the needed funds approved and the accounting staff who would be disbursing the funds needed(Chang, et al., 2011) The Negotiation Interaction Process Forward strategy for payroll system For forward strategy for the payroll system, the negotiating position recommended is understanding the structure of the organization, analysing its system, and provide upgrades based on the needs for resolving problems and incorporating improvements. Governance and decision-making For improving payroll, a four year program involving workforce management, business management, financial management, business improvement, and governance would be taken considering the project cost of $82 million(Too Weaver, 2014). People and change The award structure used in QH would be studied and would be simplified as it can have a significant impact on costs and performance of the payroll system. Any organizational changes would bring in changes in the functions of the payroll systems which would make the system more stable. As the architecture would affect the change management and communication between staff, these changes can bring in direct improvements in communication between people(GOI, 2010). Funding The key drivers of the project cost are minimum requirements delivery cost, maintenance and rectification cost, system enhancements, and improvement costs. Decisions would be taken for each of these components on whether they have to be funded and what fund should be allocated to each(HM Treasury, 2007). The Negotiation Methods Forward strategy for payroll system For negotiating forward strategy, communication methods would be used between the project manager and the staff to negotiate on needs for improvements and upgrades. Governance and decision-making Negotiation for governance and decision making would be done by exchange of arguments between people so that a coordinated behaviour can be achieved to improve the utility of each(KERLER, 2005). People and change For negotiating people and change, communication would be carried out between people along the lines of operating and delivery models and attempts would be made to build trust in people on the payroll system by demonstrating consistent and measureable improvements continuously. For people to accept changes, tangible benefits of the changes would be demonstrated(Casey, 2004). Funding Funding shortfalls against the needs for improvements and current requirements of the system would be communicated to the sponsor to negotiate on getting the funding for taking care of the future expenditures. The Outcome Forward strategy for payroll system The outcome of negotiation would be identified features or upgrades that would bring improvement in the payroll system. Governance and decision-making The outcome of negotiation on governance would changes in the organizational structures for better governance and decision making People and change The negotiations would reveal the challenges faced by employee while communicating with the system such that change requests may be placed for resolving the issues Funding Negotiation on funding would ensure that the company is able to gain profits post developments such that the development initiatives are justified(Pieterse, et al., 2012) References Casey, A. E., 2004. The ABCs of Negotiation, s.l.: Community Catalyst, Inc.. Chang, A. S.-T., Shih, J. S. Choo, Y. S., 2011. Reasons and costs for design change during production. Journal of Engineering Design , pp. 275-289 . Danilewicz, D., 2016. Strategic Planning in the Payroll Department, s.l.: NYU Langone Medical Center. Fargo, W., 2015. Payroll Strategies Advance Training, s.l.: 2002. GOI, 2010. Change Management for e?Governance Projects, s.l.: Government of India. Goldratt, E. Cox, J., 2004. The Goal: A Process of Ongoing Improvement.. Great Barrington, MA: North River Press. HM Treasury, 2007. Project Governance:a guidance note for public sector projects, s.l.: HM treasury. KERLER, M., 2005. HOW DECISION-MAKING PROCEDURES CREATE GOOD GOVERNANCE: TECHNICAL REGULATION IN THE EUROPEAN UNION, Bamberg, Germany : Otto-Friedrich-University. KPMG , 2012. Review of the Queensland Health Payroll System, s.l.: Queensland Health. Pieterse, J. H., Canils, M. C. Homan, T., 2012. Emerald Article: Professional discourses and resistance to change. Journal of Organizational Change Management, pp. 798 - 818. Too, E. G. Weaver, P., 2014. The management of project management: A conceptual framework for project governance. International Journal of Project Management, p. 13821394. VRINCUT, M., 2012. PROCESS QUALITY MANAGEMENT TOOLS WITH APPLICATIONS IN PROJECT MANAGEMENT. BUCHAREST, ROMANIA , INTERNATIONAL MANAGEMENT CONFERENCE, pp. 1120-1127. Walker, I., 2013. The Queensland Health Payroll System Commission of Inquiry, s.l.: Queensland Government. Waterhouse, J. M., Keast, R. L. Brown, K. A., 2009. Governance and negotiation: context revisited, s.l.: Queensland University of Technology.

The Instrumental Side Of Corporal Punishment free essay sample

# 8211 ; Parents # 8217 ; Reported Practices And Outcome Expectancies Essay, Research Paper Drumhead The topic of bodily penalty among kids is a controversial issue. A huge sum of research has been performed to measure the consequence of bodily penalty on kids. However, seldom has the motive to utilize bodily penalty been explored. The surveies included in this journal article focal point on the parents, and the results they expect to acquire from different types of penalty. Here the focal point is on what the parent believes the immediate, long term, and emotional effects will be. The parents of the survey varied in their usage of spanking, and were divided into three groups depending on the frequence that they used paddling as a penalty. The theoretical model of the surveies suggests that there is a correlativity between a parent # 8217 ; s position of spanking and the frequence of paddling that parent employs. The research workers hypothesize that, # 8220 ; Parents who report that they often spank will keep positive result anticipations about its usage, in contrast to the negat ive results anticipated by those who do non paddle. We will write a custom essay sample on The Instrumental Side Of Corporal Punishment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We expected occasional slappers to fall in the middle. # 8221 ; Two surveies were conducted. The first examined the result anticipations of female parents of 36-month-old kids. Sixty-one female parents participated. Of those 61, 90 per centum were white, and a bulk of the adult females held at least college grades ( 69 % ) . Ninety-five per centum of the adult females had incomes over $ 30,000 a twelvemonth. The participants were recruited from a database derived from newspaper birth proclamations. Mothers were required ab initio to finish a questionnaire to find the frequence that they spanked or slapped their kids as a response to child misbehavior. The participants were so divided into three classs: Never slappers, Occasional slappers, and Frequent slappers. The Never slappers reported neer paddling or slapping, the Occasional slappers spank/slap less than one time a hebdomad, and the Frequent slappers spank/slap at least one time or twice a hebdomad. Through interaction with a computing machine, the participants were presented with four sketc hs picturing different types of misbehaviour: equal aggression ( child hits a friend ) , rebelliousness utilizing an object ( child opens a friend # 8217 ; s birthday nowadays after being told non to ) , fit and devastation ( child throws a fit and destroys a bar ) , and rebelliousness with nutrient ( kid eats some confect when told non to ) . After sing each sketch on the computing machine screen, the female parents were asked to conceive of themselves paddling, concluding, or utilizing clip out with their kid as a response to each misbehaviour. Then they were asked to rate the likeliness of 6 results happening as a consequence of each punishmen t. Three of the results were considered kid based, and included ( a ) behave suitably right off, ( B ) learn to act suitably in the hereafter, and ( degree Celsius ) experience hurt. The balance were parent based results and include ( vitamin D ) was appropriate, ( vitamin E ) allows clip for appeasement of the female parent and kid, and ( degree Fahrenheit ) consequences in experiencing guilty. Some of the consequences of the study from the first survey are shown below in Table 1. Participants rated the likeliness of the results on 7-point graduated tables. The consequences of the first survey seem to back up the hypothesis: â€Å"Mother’s who use paddling comparatively often believe in its instrumentality.† The 2nd survey was similar to the first, but was expanded to include male parents of 36-month-old kids, other anticipations, and different types of misbehaviours. The hypothesis of the 2nd survey was somewhat different than the first. Forty-two female parents and 42 male parents participated in the 2nd survey. Again, the participants were largely college educated middle-class Whites. The purpose of the 2nd survey was to analyze different degrees of escalated conflictual interaction and different classs of misbehaviour. The classs include safety, moral, and socially conventional. The information acquisition method was non changed. Researchers # 8220 ; anticipated that frequent slappers, compared with other parents, would anticipate kids to follow instantly and demo regard for parental authorization after being spanked. # 8221 ; Review One positive property of this survey is that it was good structured. The samples were chosen intelligently so as to avoid parental prejudice from impacting the consequences. The misbehavior sketchs were chosen carefully as were the expected result picks. The usage of computing machines was besides an intelligent pick. By utilizing computing machines to carry on the studies, the research workers eliminated the timely procedure of come ining informations into the computing machine by manus. Besides, the informations decrease could be done automatically as the consequences were entered into the computing machine. One major failing in the survey was the sample. The bulk of the participants in both surveies were college educated and married. Although the research workers recognized this job, they still tried to generalise the consequences to a larger population. Another facet of the survey that could hold skewed the consequences was the method in which the information was collected. While parents are at a computing machine replying inquiries, they have clip to reflect and analyse the actions. This job could hold been present particularly in the often spank group. One job particular to the 2nd survey was lucidity. By spread outing the survey excessively much, the informations obtained became difficult to construe. The consequences of the 2nd survey were confounding.