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Internal Controls & Fraud Prevention

Reciprocity

These consequences came to pass when the Enron scandal broke in 2001. The collapse of Enron, along with several other corporate frauds circa 2001, led to enactment of the Sarbanes-Oxley Act in 2022. When news broke about a massive financial misstatement fraud at Enron, its share price quickly collapsed from around $90 to less than $1.

Audit 52
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Black Swans and Swiss Cheese – A Boat Crash in Baltimore

Plan B Consulting

According to Lloyd’s, this event might be the biggest ever marine loss in the history of the insurance industry as the event was a ‘fully insured risk event’, meaning that the Francis Scott Key Bridge, the ship, the vessel’s cargo, and the port, were all covered.

Banking 52