E7-1 Consider this adaptation of a Wall Street Journal article: TOKYO-Toshima Corp., a Japanese trading company, said

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E7-1 Consider this adaptation of a Wall Street Journal article: TOKYO-Toshima Corp., a Japanese trading company, said unauthorized trades by its former head of copper trading caused losses that may total $1.8 billion. Toshima learned of the dam- age when Yuji Takeda confessed to making unauthorized trades that led to losses over a 10- year period. Mr. Takeda concealed the losses by falsifying Toshima's books and records. What internal control weakness at Toshima allowed this loss to grow so large? How could the company have avoided and/or limited the size of the loss?

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