Professor Elam

Section 204 of SARBOX has made internal control more important than ever. We wil be discussing this in Intermed I and Auditing this semester. Managerial Accountants are often responsible for internal control functions.  Well, for sure, folks are the same the world over, no control and temptation sets in.  Click
here to read about two bank employees in China.  They made off with  8.2 million but blew it all on lottery tickets.  Hmm, I doubt the Chinese government is big on moral redemption….

My point is that fraud happens when there is a permissive atmosphere, opportunity, and the theft is easily rationalized.  Gee, it’s  the same the world over.