This paper concentrates on the primary theme of Internal Auditing: What was the culture of the organization? What was the attitude from the top? in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.
Some internal control failures have resulted in very public scandals. These have occurred on the national scene such ad World Com and Enron; and at the local level such as in the Los Angeles Department of Water and Power. The incidents in these cases could have been prevented or mitigated. However, internal control mechanisms were either not in place or had broken down.
Select a case in which a company or organization was confronted with an incident that lead to loss of assets, regulatory sanctions or public embarrassment. Describe the situation and analyze the conditions that fostered the behavior that jeopardized the organization.
You may consider the following:
- What was the culture of the organization? What was the attitude from the top?
- Did economic pressure play a role? Were these pressures on the company or on the individuals?
- What characteristics distinguished the parties involved? Did their personalities lend
themselves to rationalize their behavior?
- How was the situation discovered?
- What internal controls were faulty? What controls would have prevented or mitigated
- Did the incident lead to reform in the industry?
- What was one key lesson that observers took from this situation?
It should outline three area: Description, Analysis, Recommendations.