Rogue Trader Assignment

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Rogue Trader: postmortem You recently graduated and just started employment at the New York office of one of the Big Four accounting firms. Your first week at the firm included presentations on the organization of the firm, as well as firm policies and procedures. Tomorrow morning, you begin a two-week training program on internal controls and you have a whole binder of information that you must read in preparation for the exercises and role-playing that are included in the training. You recognize most of the materials in the binder because you studied them in your ACC 409/609 class: The Committee of Sponsoring Organizations Report, Internal Control—Integrated Framework. You also notice that there are several cases addressing…show more content…
Tony Railton was the Senior Settlement Clerk from the London office. He was sent 
to Singapore in January 1995. Two days before the Barings Bank scandal hit the headlines, Nick said of Tony, “He was a big, bulky man, running a little too fat, and always anxious to please. I’d see if I could fob him off with another useless chore. He was no nearer finding my account than he was a week ago, and he’d been ferreting around the office for a month now. It was pathetic.” Ash Lewis was the formidable internal auditor from Barings Bank in London who never did get to do the audit of the Singapore operation. George Seow was the first trader Nick recruited. Risselle Sng handled the settlements in the back office in Singapore. Kim Wong was a novice trader that Nick recruited. According to Nick, “I couldn’t work it out: there was one slip — a sale note for twenty contracts — and I couldn’t see the balancing purchase. I looked at the initials on the slip: it was Kim 
Wong.” Mui Mui was the external auditor from Coopers & Lybrand who questioned Nick 
about the 7.78 billion yen (50 million pounds) receivable from SIMEX. Barings Bank and Singapore Operations 
 Barings Bank activated its seat on the Singapore International Monetary Exchange (SIMEX) in 1992. According to Nick, “not only did the powers-that-be really want me [in Singapore], but they probably wouldn’t go ahead without me. They wanted me to set up the operation and run it. I would recruit

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