Read Richard Chambers' Latest Blog
When the Whistle Is Blown, All Lines of Defense Have Failed
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:
When federal whistleblowers rules were enacted, it was understood that even internal auditors could be eligible under certain conditions. But the first payout ever – $300,000 in this case – to a whistleblower who performs an audit or compliance function at a company still leaves me with mixed emotions.
On one hand, the Securities and Exchange Commission has a completely valid need to ensure that appropriate action is taken whenever fraud or corruption is exposed in a publicly traded company. That goes to the core of the whistleblower program. And, according to the SEC, the individual in this precedent-making case followed all the rules, including giving the company at least 120 days to adequately address the problem before reporting it to outside authorities.
Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.