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Question - On February 28, 2011, the SEC charged DHB Industries Inc. (DHB), a major supplier of body armour to the U.S. military and law enforcement agencies, with engaging in a massive accounting fraud. The SEC also charged three of the company's former outside directors and audit committee members for their complicity in the fraud. The SEC complaint also alleged that the directors' actions allowed DHB's David Brooks, Dawn Schlegel and Sandra Hatfield to divert corporate funds to a controlled entity for personal gain. Hatfield and Brooks were convicted in September 2010 on various charges arising out of a $200 million fraud.
Using fraud prevention theory, critically discuss:
(a) How members of the audit committee failed to prevent the fraud at DHB,
(b) What strategies could have been implemented by DHB to prevent the fraud?
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