Investment bank Lehman Brothers filed for bankruptcy protection on September 15, 2008. Three major British banks – the Royal Bank of Scotland, HBOS, and Lloyds TSB – relied on a rescue plan from the British government on October 13, 2008. At the same time, Iceland’s stock market plunged 76%, bringing that state to potential national bankruptcy.1 As a consequence of the worldwide financial crisis, a stream of struggles and failures from financial institutions around the world has resulted. These events are rooted in failures which, as will be seen in this study, can be linked to internal control and organizational culture. Before relating these failures to this study, internal control and organizational culture should be defined.