In the 1990s and early 2000s, Xerox was caught manipulating the numbers behind their financial statements, including a set of actions that took place in Mexico. Read all the sections of the report to get full picture, but focus mostly on the situation with Mexico. You do not need to be concerned with other issues. Xerox is a US based MNC, provide your answers accordingly:

1. In one paragraph, tell me what the problem is.Then, find IFRS standards that would cover the problem with Mexico. List those (there is one primary, but you may see smaller issues that touch on other standards) and provide a one or two sentence summary of why this standard should be considered. Do not name more than three.

AUDITING question