Ocean 11 , perhaps one of the most successful films of all time in bringing together several of the biggest names in the movie business was never really expected to have such a cult following . In the 1960s this heist film was created by Lewis Milestone with the goal of featuring the original rat packers , Frank Sinatra , Dean Martin , Sammy Davis Jr , Joey Bishop and Peter Lawford . During this time , it was never expected that this would be such a success in its later years yet in a 2001 remake of the film , it opened up the franchise to a whole host of opportunities by again featuring some of the biggest names in the business such as George Clooney , Brad Pitt and Julia Roberts.
The 1960 ‘s Ocean ‘s eleven movie was based on a series of thefts of Casinos along the Las Vegas strip by a number of World War II veterans which was originally based on a story that was heard from a gas station attendant by Gilbert Kay (Levy 1998 . The basic premise of the movie is the New Year ‘s Eve heist which is planned by the group . The success is virtually ensured as no group as highly trained has ever attempted to commit such a heist . The plan is to blow up the tower to create a diversion and under the cover of darkness , steal the money from the cashier ‘s cages and then load them into garbage bins.
Ocean’s 11 shows how elaborate internal control systems can turn out to be. For luxurious 5-star Casinos, making sure no smart-aleck can cheat in a game is already a huge deal but safeguarding of valuable assets is top priority. It is hard to emphasize how Casinos need to have significant amounts of cash reserves in their in house coffers. And this fact is not unknown to the public, more so to schemers. And just like banks and financial institutions, it is imperative for Casinos to invest in a control system that would stop these burglars.
No matter how hard an organization strives to protect its assets, the possibility of theft continues to exist. Even a strong internal control is not an absolute deterrent to fraud and crime. There are cunning minds who will stop at nothing to get what they want. Ocean’s Eleven has a happy ending for its criminal protagonists. In real life, though, fraud and theft have led to the sad endings of many companies, such as Enron. Now, more than ever, it has become increasingly important to have a company strategy that highly integrates internal control, and a deep ethical foundation. Without this, a company’s management could be the perpetrator. Effective internal control should be supported by a control environment that promotes ethical decisions. As accountants, we must firmly uphold the ethical standards of our profession, despite the pressures and temptations that we may encounter.
Courtney from Study Moose
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