What do you believe were the three most serious control deficiencies at Société Générale? For each deficiency listed, indicate whether the deficiency related to poor design or poor operating effectiveness. Describe how you would remediate or fix each of the deficiencies listed.
What will be an ideal response?
Student responses will vary. Some of the more important deficiencies are outlined in the table on the last two pages of this case solution.
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Answer the following statement true (T) or false (F)
Using the retail inventory method, if the cost to retail ratio is 75% and ending inventory at retail is $159,000, then estimated ending inventory at cost is $221,143.
Answer the following statement true (T) or false (F)
Marking the evidence includes:
a. digitizing the evidence. b. copying the document and storing the original in an envelope. c. assigning a Bates number to each document. d. All of the choices are true regarding marking the evidence. e. None of the choices are true regarding marking the evidence.
When an agency has executive powers, it can investigate and prosecute violations
Indicate whether the statement is true or false