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validation controls

By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 4 Minutes Read April 7, 2021

A $900M error, poor system design, and failed internal controls

A $900M error, poor system design, and failed internal controls intersected in a recent court case decided in New York. Citibank, in its role as administrator for loans that a group of lenders, or syndicate, had made to Revlon, was responsible for coordinating between lenders and Revlon.

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Business, Finance and Accounting, Information Technology / errors or omissions, finance, financial transactions, Internal Controls, processing errors, reconciliation process, system design, validation controls

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