A. Describe the circumstances that surround a recent major case of fraud within an organization, including but not limited to:

1. Who was involved, financial impact and consequences.

2. Detail nature of how it was perpetrated (i.e. control breakdown, mgmt override, collusion)

3. Were the control breakdowns of "entity-level controls" and/or "process-level controls"?

4. What role, in any, did the internal auditors and external auditors played. If no involvement, should or could the Internal auditor have detect this fraud? Why or why not?

B. Discuss whether only a small portion of the frauds that occur within a company are ever discovered. Back up your reasoning with facts, examples or other arguments.