Given the successful prosecution of CEOs in Worldcom, Tyco, and Adelphia through 2006, do a Web search on one of these cases and answer the following:
a. How was the fraud detected?
b. How was the fraud perpetrated? Was it a financial statement fraud?
c. What was the weakness in internal control or corporate governance that allowed the fraud to occur?
d. Should a financial statement audit have detected this fraud?
Discuss CAS 240 requirements that could have detected the fraud.
e. Would an internal control audit have detected this fraud? Discuss.