Professor Elam

Christine Lagarde in  classic understatement. says that internal controls failed to detect a $7.2 B loss at France’s largest bank.  No kidding Christine!  We study IC in Intermediate Acct I as well as Audit and Systems. This is the largest single fraud in baning history.  Increasingly crime will be committed via the bypas of IC and using computers.  Interestingly our Ciminal Justice majors (and presumably everyone else’s) are not required to take an accounting or statistics course as undergrads.  That leave accountants as the  only forensic experts on the job. Christine by the way is a lawyer, and she is doing what lawers usually do, report on gate locking after the cows have wandered into the pasture…….