Losses from Failure of Internal Controls

Abstract: A 6 page paper examining the failure of internal controls that resulted in losses to the organization or to its stockholders. Examples include Enron of course, but also a small Alabama trucking company and the National Australian Bank (NAB). The paper concludes that a standard approach to computer programming is that someone takes a newly-finished product and sets out to make it crash or otherwise break it. Adopting the same approach to testing of internal controls likely would be advisable, because when it is discovered that internal controls were not sufficient to deal with the threat that existed is far too late. Bibliography lists 8 sources.

Filename: KSacctIntContFail.rtf

Pages: 6

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Catagory: Money & Banking / Corporate Finance

Subcatagory: Accounting & Personal Finance

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