The collapse of Lehman Brothers in 2008, was the largest bankruptcy in U.S. history. The case examines the economy off-balance-sheet activities conducted before the collapse of Lehman and stresses of corporate governance issues in situations where firms face pressure from capital markets and market fluctuations. In particular, in the case considered the financial accounting, auditing and internal control management practices around the Repo 105 transactions which have had a significant impact on the company's leverage. Based on the findings of the report of an expert on bankruptcy, it focuses on the role of management, external auditors and the audit committee play in what was a significant lack of control. "Hide
by Anette Mikes, Gwen S, Dominique Hamel Source: Harvard Business School 18 pages. Publication Date: October 13, 2011. Prod. #: 112050-PDF-ENG
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