Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ACCT 436 Research Paper: Internal Control Deficiencies In September 2016, Consumer Financial Protection Bureau (CFPB) fined Wells Fargo bank $100 Million for widespread illegal practice

ACCT 436 Research Paper: Internal Control Deficiencies In September 2016, Consumer Financial Protection Bureau (CFPB) fined Wells Fargo bank $100 Million for widespread illegal practice of secretly opening unauthorized accounts. Read the attached enforcement notification dated September 08, 2016, by CFPB of the action it has taken and answer the following questions. 1. the details of alleged illegal practice of opening credit card accounts on behalf of consumers without authorization 2. What would you consider to be a well-designed internal control that would have prevented such unauthorized openings by the employees of the bank? Discuss in detail. You should identify a specific internal control. 3. Discuss a detective control that could detect such unauthorized openings and alert senior management. You should identify a specific internal control.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Debra C Jeter, Paul K Chaney

5th Edition

1118022297, 978-1118022290

More Books

Students also viewed these Accounting questions

Question

6. How can a message directly influence the interpreter?

Answered: 1 week ago