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The Institute of Internal Auditors North AmericaBreadcrumb SeparatorNewsBreadcrumb SeparatorBlog: Comply or Explain (to the Judge)

Read Richard Chambers' Latest Blog
Comply or Explain (to the Judge)

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:

​​The U.S. Department of Justice announced this month indictments against executives at Volkswagen, air-bag manufacturer Takata, and three global banks involved in foreign currency trading. This bold action, which reinforced earlier warnings from U.S. regulators that executives and board members will be held personally accountable for wronging, likely sent shudders across corporate C-suites around the world.

Just last week, Samsung's top executive was kept in a holding cell while a court deliberated whether to issue a warrant for his arrest. Ultimately no arrest warrant was issued for Lee Jae-yong, but he remains the subject of a special prosecutor's investigation relating to a scandal that led to the impeachment of South Korean President Park Geun-hye. This highly public melodrama comes on the heels of the company's disastrous rollout of its Galaxy Note ​7 model.

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