Description: The Royal Bank of Canada (RBC) has reached an $8 million settlement that will see it pay out this total, split among three different securities regulators. The Ontario Securities Commission Capital Markets Tribunal approved the settlement for RBC’s control weaknesses in differentiating between capital and operating expenditures in software development. RBC offered that the control deficiencies have been corrected.
Date: November 3, 2023
Source: winnipegfreepress.com
Discussion points:
1) Which bank seems to be the most widely used by you and your classmates?
2) Though the article does not have a lot of detail, what do you think may have caused this problem?
3) Pages 9-3 of Wiley’s Financial Accounting: Tools for Business Decision-Making discusses the difference between operating and capital expenditures. How would explain the difference to a friend who was not studying accounting?
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