The important lessons that can be learned from Ms. Cattani's story is that companies should have a robust internal control measures in place along with a strong culture that deters, discourages and prevents employees and other stakeholders of the company to engage in fraudulent activities.
The ethical and cultural framework of a company has to be very strong and robust and this framework will imbibe ethical values among the employees, senior managers and other stakeholders of the company. A culture and operating environment based on trust, honesty and transparency will ensure that fraudulent activities are minimized if not completely eliminated.
Internal control is a process which helps an organization achieve its objectives toward operational efficiency and effectiveness. Internal control helps in risk mitigation by detecting and preventing fraud. The components of the internal control process are: (1) The control Environment (2) Risk Assessment (3) Control activities (4) Information and Communication and (5) Monitoring. The control environment refers to the policies and practices as put in place by the top management of a company. The control environment consists of organizational structure, management’s philosophy, HR policies etc. Risk assessment involves identification and analysis of risks. Control activities refer to the policies and procedures that management has established to meet its objectives regarding financial reporting. Information and communication refer to the activities used to record and process an organization’s transactions. Monitoring is the last component of the internal control system. This involves periodic assessment of the quality of internal control process. If the quality is found to be lagging then modifications will have to be made in the internal control systems.
Thus the key lessons for companies to learn from Ms. Cattani's story is the need and the mechanism to prevent fraud within the companies.
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What are some lessons learned from the previous SARS pandemic that can be applied to the current corona virus?