“Is there a solution to this? Yes, there is, at least, a solution for every single issue. It may require some effort but there is a solution.”Elisa Turullols
Subscribe to my newsletter
Thank you for your subscription
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!
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.