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Comprehensive CaseWells Fargo Bank, N.A. The massive and long-running scandal at Wells Fargo Bank's nature...

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Accounting

Comprehensive CaseWells Fargo Bank, N.A.

The massive and long-running scandal at Wells Fargo Bank's nature of the problems and their identified causes provide an opportunity for a comprehensive examination and analysis. Based on several articles providing commentary on the Wells Fargo scandal & further research Please address the following questions.

Question:

  1. Do you believe that KPMG was negligent in auditing Wells Fargo? Why or why not? Note that as a publicly traded company, Wells Fargo was required to have an audit of both the financial statements and internal controls over financial reporting.
  2. Do you think that the former head of Wells Fargo Stumpf was aware of the fraudulent actions being taken by bank employees? Why or why not?
  3. Financial institutions are required to have an internal audit function that is charged with assessing the effectiveness of the internal control system. Did the internal auditors have a responsibility to discover and report the fraud? Explain.

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