7-1internal control - Internal control content I Importance...

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Internal control
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content I. Importance of internal control II. Concept of internal control III. Five elements IV. Design of internal control system V. The limitations of internal control VI. Internal control audit
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I.The importance of internal control ----Some Cases ---- Some standard and guidelines 1.COSO Framwork 2.ERM Framwork 3.The Basic Standard for Enterprise Internal Control 4.Implementation Guidelines for Enterprise Internal Control
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the tragedy in 10 minutes !
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Lehman Brothers : 158 year,fourth- largest U.S. investment banks) . Lehman Brothers filed for bankruptcy court protection at 10 :00 on Sept. 15,2008
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This message spreads all over the world through television, radio and network at once . the German National Development Bank
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The German national development bank export 300 million Euros to the Lehman account at 10:10 on Sept. 15,2008 after the bankruptcy of Lehman Brothers. It is inconceivable that in such a murky situation, in accordance with the foreign exchange swap agreement transactions, automatic payment system should freeze Lehman brother's upcoming bank account into 300 million Euros.
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There is no doubt that 300 million Euros was by no means retrievable (a meat Bun thrown at a dog ) Germany's best-selling “Bild ” accused the German National Development Bank is by far "the most stupid banks in Germany." This alarmed the German Ministry of Finance, Finance Minister Peer. Steinbrück sweared, we must investigate this to the end and severely punish the responsible person.
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We cannot help wondering,what happened in the German National Development Bank in just 10 minutes, which led to occur so low-level and stupid error ? A law firm commissioned by the Ministry of Finance entered the bank to investigate this.
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This law firm's investigators have questioned to dozens of bank staff in various departments. A few days later, they submitted a investigation report to Congress, this report was not complex ,which recorded only what 11 persons were busy with in that 10 minutes.
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I know that transfer in accordance with the advance agreement, as to whether revocation of this huge amount of transaction, should be allowed by board of directors. CEO , Ulrich Schroeder:
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This note was uploaded on 06/13/2011 for the course ACCOUNTING 1204 taught by Professor Chang during the Summer '11 term at Nanjing University.

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7-1internal control - Internal control content I Importance...

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