Need help with discussion question Please only need 3 to 4 sentences

Accounting
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, assess the responsibilities of the board of directors for the fraud and whether or not they or the independent auditor should be liable as well as J.P. Morgan Chase. Explain your rationale.

 

Nov 25th, 2014

The board of directors have the responsibility to make sure that a company is not committing fraud.  Fraud may occur from within an organization.   Example, some employees may carry out unlawful transactions which may harm a company.  Fraud may also occur from outside the organization. For instance, the auditor of the company may try to cook books so that it would show that a company is prospering.  However, in reality the company may not be prospering but loosing money.

In the end, the auditor and J.P Mohan Chase both are responsible for fraud as they are supposed to be vigilant in overseeing the company operation and take corrective action before it is too late.

Nov 25th, 2014

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