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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