Virtually all major financial frauds from the past decade were associated with organizations that had weaknesses in the control environment

Question

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This statement is true. The control environment refers to the overall attitude, awareness, and actions of an organization regarding the importance of internal control and ethical behavior. Financial frauds are often facilitated by weaknesses in the control environment, such as lack of oversight and accountability. Examples of major financial frauds in the past decade include the Bernie Madoff Ponzi scheme, the Wells Fargo fake accounts scandal, and the Enron accounting scandal, all of which involved organizations with significant control environment weaknesses.

Virtually All Major Financial Frauds from the Past Decade Were