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Xerox says SEC probing accounting at ACS

Xerox says SEC probing accounting at ACS
Posted October 8th, 2013 @ 10:40am by Todd Halliday

Rochester, NY -- Xerox says in a regulatory filing that the Securities and Exchange Commission has been investigating certain accounting practices at Affiliated Computer Services, Inc., which was acquired by Xerox in 2010 and is now part of Xerox’s Services business.

The investigation is focused on whether revenue from certain ACS equipment resale transactions should have been presented on a net rather than gross basis.

The SEC staff has advised that it will not recommend charges against Xerox. But Xerox says Xerox Services president Lynn Blodgett has received a warning notice from SEC staff of possible civil enforcement actions. Another current employee and a former employee also have received the notices.

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