How a Low-Risk Trading Area Caused a $7.2 Billion Loss

. Using auditing standards or your textbook, define the following control-related terms: [a] Control environment [b] Segregation of duties [c] Restricted access [d] Preventative and detective controls [e] Design and operating effectiveness [2] The term lone at the top" is typically associated with a firm's control environment. How would you characterize Societe Generale's tone at the top and what effect do you believe that had on oversight at the trading-desk level?            

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