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  • Where are the Risk Auditors? [View article]
    Felix, Felix, Felix... your governance naivete is at once refreshing and disturbing. Do you really think that anyone in the C Suite listens or is barely more than aware that they have auditors? Internal or otherwise?

    Auditors get NO time of import in front of the board. Yet the best practices of governance highlight a private session were inept board members can ask any question they want.

    FACT: US Corporate governance is completely broken. It is more common for the head of the Audit committee to meet with the CFO than to meet with their representative - the Director of Audit, or Chief Risk Officer. (Example: We (the internal audit group) just had our quarterly meeting. Well, actually it took place without us. We (the audit department on the East Coast) were informed Monday, of the Audit Committee meeting on Wednesday in Palo Alto. The CFO would be presenting. When the CFO runs the meetings, governance is over. He/she can say whatever the hell he/she wants.

    So don't waste your time on risk auditors, auditors of any kind. This financial debacle is 100% the creation of the CFO, the CEO, and the blind, dumb, and impotent board members.
    Jan 13 19:31 pm |Rating: +5 0
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