“An ounce of prevention is worth a pound of cure.” This statement was from one of our founding fathers, Benjamin Franklin, who was speaking about fighting fires. But he could have been talking about the Oscars Sunday night and the internal controls that PwC had in place to ensure that the proper winners were announced. PwC has been behind the scenes of the Oscars almost since the very beginning. The firm usually has a brief moment in the Oscars' spotlight when two of its accountants enter the theatre with the briefcases containing the sealed award envelopes, but the 89th annual awards show was a different story. A New York Times article, Oscars Mistake Casts Unwanted Spotlight on PwC, addresses some of the details surrounding the mistake that involved the firm. Through the years, PwC has developed internal controls to prevent the winners from being revealed prior to the opening of the envelopes, but did they have controls to prevent the wrong envelope from being handed to the presenters?
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