Conduct a web search for some examples of companies/organisations where internal controls have Failed to operate effectively....

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Accounting

Conduct a web search for some examples ofcompanies/organisations where internal controls have Failed tooperate effectively. You can also look at some of the corporatecollapses including failures of Any banking institutions. Examplescan also be a non-profit organisation such as football club orHospital etc. Your selected case would have received mediapublicity or there would have been some Government investigation.For the cases you have identified, answer the following questions:(a) What factors led to the failure of these controls? (b) Couldthe failure have been avoided? If so, how

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Company Name Magnum Hunter Resources Corporation a The Securities and Exchange Commission took action against Texasbased energy company Magnum Hunter Resources Corporation including its chief financial officer and chief accounting officer as well as an external auditor and a consultant for improperly concluding that a serious staffing problem in the accounting department did not rise to the level of a material weakness in internal control The action does not include any allegations of accounting anomalies that arose during the reporting periods in question although the See Answer

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Conduct a web search for some examples ofcompanies/organisations where internal controls have Failed tooperate effectively. You can also look at some of the corporatecollapses including failures of Any banking institutions. Examplescan also be a non-profit organisation such as football club orHospital etc. Your selected case would have received mediapublicity or there would have been some Government investigation.For the cases you have identified, answer the following questions:(a) What factors led to the failure of these controls? (b) Couldthe failure have been avoided? If so, how