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Consequences Of Audit Failure In Bank Of America Response

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  • Post Date 2018-11-05T12:23:03+00:00
  • Post Category Essays

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Consequences Of Audit Failure In Bank Of America Response

Consequences Of Audit Failure In Bank Of America Response

INSTRUCTIONS:

please search the audit failure case in the company that is Bank of America
CPA firms frequently get sued over so-called audit failures and all the firms have from time to time paid out large settlements...in some cases the suits and payouts have jeopardized the firm`s existence...
Please identify and write about the consequences of a recent audit failure...
be sure to answer the who, what, where, when, why and how of the situation...what were the implications to the firm/individuals...
Your memo should be single spaced, two pages, times roman 12 font, left margin justified, etc. (see the grading rubric)



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Date: TIME @ "MMMM d, yyyy" April 10, 2017

Re: consequences of audit failure in Bank of America

As it is in the modern society, there is much of external audit that is promoted due to the advancement in technology that has to enable the stakeholders to be able to manage, control and also prevent risks. There is also proved steady stream of failure that shows that technology is also capable of causing failure. The Bank of America had made a very significant error in a method it calculates important measures of its financial health. The mistake had gone more years without being detected where the bank had reported $4 billion more of the capital it owns. After reporting the error to the Federal Reserve, they were required by the regulator to suspend the shares buyback that was in progress together with the increase quarterly dividends. The error also will stir the debate as to whether these big banks in the land are too big and complicated to manage (DeNisi, et al., 2014). The other i

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