Elisa Turullols. Welcome to my blog!
This blog aims to welcome discussions, opinions, points of view, suggestions, recommendations in an environment where a spade is called a spade.
Is it really so difficult for senior executives to know what is going on? What is the escalation process? Is there any? If so, how does it work?
There are many cases of wrongdoings in the business and the corporate world.
Internal Audit and Compliance departments are at the forefront of the speak-up and escalation lines and yet, when looking at the scandals, it seems these lines are not very busy.
The Economist 5 March, VW former boss had been handed a memo informing about “inconsistencies in emissions from its diesel cars.” “..it is not known whether he read it as it was included in a batch of extensive weekend mail”
Does anybody know how many people were involved in writing that memo? Does anybody know how many phone calls and meetings there were where the memo was discussed?
…these executives were still paid their high salaries and bonuses,…because they did not know!read more
Few minutes later, there I was going, on a nearly impossible mission: to convince General Manager and one of the founders of a medium size company that the financial statements, in particular the profit and loss account, had to be adjusted significantly. Otherwise we had no other option but to issue a qualified audit opinion.read more
The company was at risk of heavy losses in contract liabilities, thousands of contracts had to be reviewed, there was only two or three months time to do it and it was just me…..
The root cause of these contract liabilities? an aggressive growth strategy with no monitoring on the terms agreed with clients. Growth at all costs?read more
In less than a month in the role I found out that the company was about to stop payments…..
And there I was staring through the window, wondering whether I should quit or not. The task ahead was daunting.read more
That was clearly the thought of the Regional Finance Director when he sent me an email stating that the Commercial policy did not say anything in relation to the level of approval required for discounts higher than 30%. As proof of his statement he attached the policy.
What could have been perceived as a proof of the sincerity of his statement was his perdition. I read the policy, and it clearly stated that discounts higher than 30% had to be approved by the SVP of Sales for Europe and the President Europe. I had a few examples where this requirement had not been met.read more