Question
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.
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