In the Fall of 2016, news of fraudulent customer accounts created atWells Fargo was made public. Please do some Internet research about this scandal, then respond to the questions below. Here's a link to an article to get started:

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html(Links to an external site.)Links to an external site.

1) From Ch 1 of our textbook, managerial accounting is used toplanandcontrol. Planning is setting a goal or objective. What do you think about the plan/target Wells Fargo executive management set for customer accounts? (Things to consider: what was the intent of the goal? intent good or bad? how was the target level of the goal set? is it reasonable? what goal would you set to increase your company's profitability?)

2) How did Wells Fargocontrol after establishing a plan? Control in this context means to incentivize or influence employees behavior so their actions are aligned with the company's goal. (Things to consider: how were branches/employees held accountable or motivated? how was executive management held accountable for attaining the goal?)

3) So who's fault is it? Who should be held responsible for the fraudulent account creation? Why? What consequences should they face?

4) It's often difficult to get all the facts about a situation like this. What question(s) do you still have and why is that question important?

*Note that these questions relate to the plan to increase number of accounts, not the efforts to fix things after the fraud was committed.