Several recent developments regarding auditor whistleblowers should be of interest to internal and external auditors and compliance professionals, whether they work for a public company or a professional services provider.
Audit committees must proactively probe management and the auditors to gain insight and to make necessary oversight decisions. This is an article that appeared in Internal Auditor’s June 2010 issue.
Deloitte should be careful what they wish for. The Flanagan insider trading litigation has forced them to reveal their woefully inadequate policies and procedures regarding independence compliance. While trying to placate their clients who were dragged through the mud on this and exact revenge against their own leadership-level partner, a pillar of the Chicago social and philanthropic community, they’ve admitted to allowing Flanagan to breach their standards more than 300 times and to get away with it.
