https://francinemckenna.com/wp-content/francine-mckenna.png 0 0 Francine https://francinemckenna.com/wp-content/francine-mckenna.png Francine2008-03-31 10:50:002008-03-31 10:50:00Big 4 Blind Items – Spring Edition
Which multi billion dollar global government contractor was one of the few, if only, public companies of its size to be cited for a material weakness due to an ineffective internal audit function? This is not the typical “completely missing” internal audit function but one that existed in name only and completely missed the mark in serving as part of the internal control structure. After hiring and now firing a new VP of Internal Audit, they’ve thrown up their hands and turned the whole thing over to Ernst and Young.
Who can name all of the Fortune 500 public companies with material weaknesses in information technology controls, especially over systems development, change controls and access controls? How many more financial services companies are going to get away with blaming “rogue traders” instead of admitting they took their eye of the ball on IT and so did their auditors due to lack of competent staff to do the work and to audit it? How much longer are companies going to get away with ignoring the strategic role of IT ?
Which NY-based Big 4 Managing Partner sent out a nationwide mass email warning staff that with a softening economy, employees may be asked to retool and work in some unfamiliar areas? At least this firm is admitting they have a structural problem and not lots of personnel problems. However, this “communication” caused enough stress for at least one person that they wrote me. Let’s hope, although I’m not optimistic, that this isn’t the first tumble down the slippery slope towards mass layoffs at this professional services provider.
Which Big 4 firm has a Code of Conduct that doesn’t require its vendors, clients, and business partners to comply with the same lofty standards as they insist on for their staff? They’re about to be hit from all sides by those that want them to practice what they preach and make sure one particular vendor and its investor, who’s also a very large client of the firm, doesn’t embarrass the firm any more than they already have.
Which New York-based Big 4 partner likes his extracurricular activities to be hosted by the same kind of girls that his former governor preferred – very young and very dirty? How long can he get away with charging the events to his firm credit card and billing his clients for these “meals” ?