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    Presented By: Anju Kumari Diwesh Chandra Nibriti Raj Shalini Kumari

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    Divesh Chandra
    Xerox Modi Ltd (XML) was a joint venture between ModiCorp and Rank Xerox established in 1983 in Gurgaon, India. An investigation by PricewaterhouseCoopers found evidence of misrepresentation in XML's 1998-1999 financial statements, including fictitious payments totaling $600,000 made as bribes to obtain contracts. The Foreign Corrupt Practices Act prohibits bribery of foreign officials and requires accounting transparency for any US company or foreign company trading securities in the US. Leadership in the finance department must promote integrity and avoid conflicts of interest to build authentic business relationships based on values and ethics.

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    Presented By: Anju Kumari Diwesh Chandra Nibriti Raj Shalini Kumari

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    Divesh Chandra
    51 views8 pages
    Xerox Modi Ltd (XML) was a joint venture between ModiCorp and Rank Xerox established in 1983 in Gurgaon, India. An investigation by PricewaterhouseCoopers found evidence of misrepresentation in XML's 1998-1999 financial statements, including fictitious payments totaling $600,000 made as bribes to obtain contracts. The Foreign Corrupt Practices Act prohibits bribery of foreign officials and requires accounting transparency for any US company or foreign company trading securities in the US. Leadership in the finance department must promote integrity and avoid conflicts of interest to build authentic business relationships based on values and ethics.

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    Business Ethics (1)

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    Xerox Modi Ltd (XML) was a joint venture between ModiCorp and Rank Xerox established in 1983 in Gurgaon, India. An investigation by PricewaterhouseCoopers found evidence of misrepresentation in XML's 1998-1999 financial statements, including fictitious payments totaling $600,000 made as bribes to obtain contracts. The Foreign Corrupt Practices Act prohibits bribery of foreign officials and requires accounting transparency for any US company or foreign company trading securities in the US. Leadership in the finance department must promote integrity and avoid conflicts of interest to build authentic business relationships based on values and ethics.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    51 views8 pages

    Presented By: Anju Kumari Diwesh Chandra Nibriti Raj Shalini Kumari

    Uploaded by

    Divesh Chandra
    Xerox Modi Ltd (XML) was a joint venture between ModiCorp and Rank Xerox established in 1983 in Gurgaon, India. An investigation by PricewaterhouseCoopers found evidence of misrepresentation in XML's 1998-1999 financial statements, including fictitious payments totaling $600,000 made as bribes to obtain contracts. The Foreign Corrupt Practices Act prohibits bribery of foreign officials and requires accounting transparency for any US company or foreign company trading securities in the US. Leadership in the finance department must promote integrity and avoid conflicts of interest to build authentic business relationships based on values and ethics.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
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    Presented by: Anju Kumari Diwesh Chandra Nibriti Raj Shalini Kumari

    Xerox Modi Ltd (XML) is the Indian branch of Xerox company in Gurgaon, India owned by Dr. Bhupendra Kumar Modi. Services- American printer, photocopier, document supplies, technology & services company. Joint-Venture- between ModiCorp and Rank Xerox in September 1983. The share structure was 40% ModiCorp, 40% Rank Xerox and 20% private shareholders.

    Misrepresentation

    of Information in Financial Statement (1998-99) - Fictitious Payment in the form of Commission &
    Discount. - US$ 600,000 was paid as bribe to obtain contract.

    Inspection by PWC (Price Waterhouse Cooper) Blatant Robbery by internal manager and accountant. PricewaterhouseCoopers (trading as PwC) is a multinational professional service firm headquartered in London, UK, is one of the Big Four auditors, along with Deloitte, Ernst & Young(EY) and KPMG. The firm was formed in 1998 by a merger between Coopers & Lybrand and Price Waterhouse. The trading name was shortened to PwC in September 2010 as part of a major rebranding exercise.

    The Foreign Corrupt Practices Act of 1977 (FCPA) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials. The FCPA applies to any person who has a certain degree of connection to the United States and engages in foreign corrupt practices. The Act also applies to any act by U.S. businesses, foreign corporations trading securities in the United States.

    If values are the bedrock of any corporate culture, Ethics are the foundation of the authentic business relationship. The leadership of the finance department bear a special responsibility for prompting integrity throughout the organization with responsibilities to stakeholders both inside and outside of companies. They have to act with honesty and integrity avoiding actual or apparent conflict of interest in personal and professional relationship.

    THANK YOU

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