Problem:
The FCPA, COSO, and SOX, (just to name a few), covered corporate internal controls addressing different aspects. In addition IT has established their own internal controls that address the IT specifics and called 'COBIT'.
Is it possible to have one internal control system that applies to all companies under the same industry? Discuss the reasons for, and the reasons against having one unique internal control system for every company. Do you think that adequate company internal control could/should prevent irregularities, and how?
A scholar claims that some American corporations do not have adequate controls, others over control their business. A number of government officials stated that corporate America needs to establish more controls? Discuss the pros and cons of adding more controls over corporate activities.
Please provide full detail explanation of each of the five listed questions. With in depth Analysis to certain degree. Also include your source of information and cite them as per each discussion question. It must be not less then 1000 words total. Also I ask that you search for the most appropriate/correct answers addressing each point and express a sound opinion. There must be an adequate support to the research!).
Also Citing Textbooks and Adequate websites are very much needed. As I expect information to come from textbooks as well and not only web pages.