Chairman’s Message, October 21, 2009

First, I would like to announce that Chris Cheesman, chief audit officer at AllianceBernstein, has joined your Financial Services Advisory Board. We are very happy to have Chris join us.
Many thanks to all of you who continue to support The IIA and the Financial Services Auditors Group during these difficult times in our industry. It [...]

Chairman’s Message, July 22, 2009
As summer approached, there were signs that the economy is heading in the right direction. The Dow was up for the year, consumer confidence was showing signs of returning, and, although the economy was shedding jobs, the rate of job losses had slowed. From the feedback we received at our Financial [...]

Chairman’s Message, April 15, 2009

What an interesting and amazing time to be an internal auditor in the financial services industry! The Bernard Madoff and AIG scandals, the Troubled Asset Relief Program, and the worst economic downturn since the depression continue to plague the news. And just when you think you have heard everything, Manhattan attorney Marc Dreier appears on [...]

Just when I thought I had seen and heard everything during the current financial crisis, along comes Bernie Madoff and friends to liven things up. It is almost impossible to pick up a Wall Street Journal from the last few weeks and not read something about Madoff allegedly pulling off the largest Ponzi scheme in [...]

Chairman’s Message

As I write this, the Dow Jones Industrial Average is at a nine-year low and the collective retirement savings of Americans has shrunk by about US $2 trillion — yes, trillion. My own IRA is about 35 percent lower than its all-time high, which was not that long ago. Like many people, I’m beginning to [...]

Chairman’s Message

Welcome to the third quarter issue of FSA Times. This issue’s feature articles include evaluating SAP controls for Sarbanes-Oxley compliance, dealing with employee fraud, and using GAIT for PCI compliance. Topics like these were highlighted at last month’s Financial Services Conference, which also included informative and entertaining general sessions by fraudster Sam E. Antar, former [...]

The Impact of Sub-Prime Lending on Audit Shops

As we move into 2008, the speculation is that the economy will slip into recession fueled by the decline in the housing market. A closely related issue has been the collapse of the sub-prime mortgage market, increasing foreclosures, and tightening credit. An excellent article in the upcoming February 2008 issue of The Internal Auditor discusses [...]