Accounting & Tax

Xerox Names Dugan Business Ethics Head

After high-profile scandals, Xerox creates new ethics position to watch over accounting compliance.
CFO.com StaffSeptember 5, 2001

Xerox Corp. named Allan Dugan to the newly created executive vice president of corporate business ethics and compliance position, reports Dow Jones Newswires. In a press release Wednesday, the company said Dugan will be responsible for reinforcing Xerox’s ethical standards and assuring worldwide adherence to the company’s business ethics and accounting policies, as well as other workplace policies.

Dugan was executive vice president and president of worldwide business services. He will report to Xerox president and CEO Anne Mulcahy and to the board’s audit committee.

In February, Xerox said an independent investigation of its Mexican unit found irregularities, such as ineffective collection actions, inappropriate re-aging of past-due accounts, billing inaccuracies, insufficient bad-debt reserves, improper transaction classification pertaining to the sale, lease or rental of equipment, failure to adhere to Xerox’s corporate policies and procedures, and inadequate internal controls including appropriate segregation of duties.

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Xerox fired the managers of the Mexican operations, and launched a worldwide review of its internal audit controls to ensure that the issues identified in Mexico weren’t present elsewhere.