Corporate Scandal - Xerox

In 2002, Xerox Corp. announced that it will restate its revenues by as much as $2 billion over a five year period from 1997 to 2001 because of an accounting error.
An audit showed that Xerox improperly posted revenues before they were actually made. The company described the accounting problems uncovered by an audit as a "timing and allocation issue," saying the revenues that were posted early would be shown to have actually been collected later. An audit found that Xerox improperly booked

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