This week's discussion is based on the documentary, All the Queen's Horses. The documentary is available on Netflix. Please watch the video and also review the related resources listed below.All the Queen’s HorsesOn February 14, 2013, Rita Crundwell, former comptroller for the city of Dixon, IL was sentenced to 19½ years in prison for stealing more than $53 million from Dixon. Crundwell's crime went on record as the largest municipal fraud in U.S. history. Just as shocking as the amount stolen from this small Illinois town, was the fact that Crundwell engaged in her scheme to pillage Dixon for 20 years before being discovered. Crundwell's fraud shines an unflattering spotlight on the accounting profession and the role of the audit. The relevance of the audit has been in question since the uncovering of massive corporate frauds dating back to Worldcom and Enron. Subsequent to Crundwell's conviction, the city of Dixon sued its auditors, accountants and bank, settling their claim against them for $40 million.After viewing the video and reviewing the related resources, please submit a 3-4 paragraph initial post, addressing the following:Describe the fraud scheme committed by Rita Crundwell, including how she concealed the fraud.How did Rita Crundwell steal over $37,000 each day from a town with an annual budget of around $6 million? Discuss the application of the fraud triangle and other fraud theories we have covered as they apply to this case study.How could this fraud have been prevented? In your discussion, be sure to explain the controls that were missing at City Hall.How could such embezzlement go undetected in annual audits by two independent accounting firms and in annual audit reviews by state regulators? How was this fraud continued for so many years? What red flags did the auditors miss? How did residents not become suspicious of Crundwell’s extravagant wealth and frivolous spending? How was the fraud finally detected? Explain the legal side of the case.

This CLA is designed to exercise your understanding of corporate finance fundamentals and concepts.  Research an existing company and determine some financial information pertaining to performance for their stakeholders.  Discuss how the company has delivered value to shareholders.  Perform a current valuation of the equity in the firm by using concepts that you have learned, such as financial statements, capital structure and cash flows, cost analysis, and the firm’s capital structure as an example.  Your analysis should produce a report that has a summary of:  key conclusions  graphical representations (if applicable)  the firm’s financial policies in reference to capital budgeting  short- and long-term financial policies and planning.