All The Queens Horses

Due Sunday by $11$:$59$pm

Points $100$

Submitting a text entry box or a file upload

The All the Queens Horses is a documentary describing how one person, Rita Cromwell, embezzled $$53,000,000\mathrm{.}00$ before detection. Accordingly, an embezzlement of this magnitude could only have occurred because of failures by the City of Dixon and the auditor.

For his assignment, identify failures that facilitated the embezzlement and suggest appropriate corrective action you would recommend.

You may want to consider the following areas as a guide:

Operational $$r accounting controls for the City of Dixon

Administration for the City of Dixon

The City Council

Clifton Larson Allen, LLP

Missed warning signs or Red Flags.

Watch the video "All The Queens Horses $6"$ and complete each of the following requirements:

Apply the Fraud Triangle giving examples one or two examples of the Incentives, Opportunities, and Rationalizations you discovered from the video.

Identify three specific Management Failures that may have contributed to this embezzlement.

Give at least five examples of Clifton Larson Allen, LLP deficiencies in planning and performing the audit of the City of Dixon.

Identify five Internal Control failures the facilitated the embezzlement. You may want to review the Internal Control Questionnaires in Appendixes $6$Aand $8$A

Who was impacted by this fraud? Who are the stakeholders? Give at least three examples

How would you feel if you lived in Dixon, IL at the time this embezzlement occurred?