Over the years, I have written several blogs and articles focused on corporate culture. The recent collapse of FTX reminds us once again how toxic culture and ineffective corporate governance can destroy a company. The words of the newly appointed CEO of FTX, from the company’s Chapter 11 bankruptcy declaration, are a searing indictment:
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”…
Professions thrive through advocacy and diversity of thought. The internal audit profession is no different. For the past three years, I have recognized men and women who are making an impact on behalf of internal audit around the world.
I am pleased to announce the 4th annual recognition through my website AuditBeacon.com. Next month AuditBeacon.com will acknowledge global internal thought leaders who have made a significant contribution to advancing the internal audit profession around the world in 2022. Individuals will be recognized for contributions through publishing, video and audio media; speaking; and advocating the value of internal auditing around the world.…
An Open Letter to Audit Committee members
To: Members of the audit committee
From: Richard Chambers
Re: Reassessing your role when it comes to internal audit
Congratulations on being a member of the audit committee for your company!
Your service in this role reflects that you are a seasoned executive whose business and financial acumen places you among the elite members of your board. However, before you pat yourself on the back for the job you are doing, perhaps you should reflect on the full scope of your responsibilities.
The role of the audit committee and its value to the organization have dramatically increased in importance in the past decade.…