Task 2: 15 marks (5 each) AIS in the Business World Bank of America According to...

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Task 2: 15 marks (5 each) AIS in the Business World Bank of America According to its 2012 annual report, Bank of America (BofA) is headquartered in Charlotte, N.C. As of December 31, 2012, we operated in all 50 states, the District of Columbia and more than 40 countries. Through our banking and various nonbanking subsidiaries throughout the United States and in international markets, we provide a diversified range of banking and nonbanking financial services and products through five business segments: Consumer and Business Banking, Consumer Real Estate Services, Global Banking, Global Markets and Global Wealth, and Investment Management. Like all banks, BofA must maintain strong internal control over its cash. In this chapter, we'll consider the role and purpose of internal control in all types of organizations. We'll look at how to create a strong internal control plan, and recognize strengths and weaknesses in those plans. Discussion Questions 1. What is internal control? What are its fundamental purposes? 2. How are internal controls related to an organization's risk exposures? 3. How would BofA (and other organizations) use COSO's Internal Control- Integrated Framework to develop and maintain strong internal control? Task 2: 15 marks (5 each) AIS in the Business World Bank of America According to its 2012 annual report, Bank of America (BofA) is headquartered in Charlotte, N.C. As of December 31, 2012, we operated in all 50 states, the District of Columbia and more than 40 countries. Through our banking and various nonbanking subsidiaries throughout the United States and in international markets, we provide a diversified range of banking and nonbanking financial services and products through five business segments: Consumer and Business Banking, Consumer Real Estate Services, Global Banking, Global Markets and Global Wealth, and Investment Management. Like all banks, BofA must maintain strong internal control over its cash. In this chapter, we'll consider the role and purpose of internal control in all types of organizations. We'll look at how to create a strong internal control plan, and recognize strengths and weaknesses in those plans. Discussion Questions 1. What is internal control? What are its fundamental purposes? 2. How are internal controls related to an organization's risk exposures? 3. How would BofA (and other organizations) use COSO's Internal Control- Integrated Framework to develop and maintain strong internal control?