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Global Institute of Internal AuditorsBreadcrumb SeparatorNewsBreadcrumb SeparatorBlog: Hertz: Was the CEO the Only One at the Wheel?

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Hertz: Was the CEO the Only One at the Wheel?

In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:

Filings required by the U.S. Securities and Exchange Commission are always important documents for investors and analysts, but rarely are they must reads. However, the recent 10-K filing by Hertz Global Holdings Inc. provides an intriguing exception. An explanatory note on the filing effectively makes its former CEO the scapegoat for a hoard of accounting and internal control problems at the multi-billion-dollar company.

The deficiencies described in the 10-K, which forced the restatement of the corporation's 2012 and 2013 filings, are placed squarely at the feet of — or more precisely heaped on the back of — the former chief executive, whose management style somehow led to extensive material weaknesses and internal control failures at Hertz.

Read the full blog post from IIA President and CEO Richard Chambers.