Chairman’s Message – January 11, 2012

Chairman’s Message — January 11, 2012

FSA Times Home Page

FSAB Chairman, Scott White

Happy New Year! As we begin 2012, we continue to learn more about a financial services industry scandal that emerged in the fourth quarter of 2011 at MF Global. If you think about the last several years and the number of these cases — Bernie Madoff, Alan Stanford, etc. — it is hard to imagine that in this age of increased awareness these types of scandals continue to happen. We should never doubt our auditor instincts. Personally, my gut feeling has served me well on several occasions. No matter how trivial or minor something may seem, or how much internal audit might be criticized for pointing it out, we have an obligation to be skeptical and to investigate circumstances that don’t add up until we are satisfied that nothing is wrong.

The Financial Services Auditors Advisory Board has been busy assisting in planning for the 2012 International Conference in Boston, July 9-11, 2012. The conference will include a financial services track covering topics such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, model validation, and auditing derivatives. Additionally, there will be two pre-conference sessions on regulatory compliance and a financial services update with a panel of experts from each financial services sector. I encourage you to visit The IIA’s website for more details and take advantage of early registration opportunities. This is a great time of year to visit the Boston area. Not only will the conference be in a great location in the city, but also just a short drive away is Cape Cod to the east, the mountains to the north, or the beautiful Maine coast to the northeast. I’m looking forward to seeing many of you at the conference.

The Board’s webinars subcommittee has been busy planning the lineup of members-only free webinars for 2012. Our series will kick off in February with a session on Auditing Executive Compensation and Benefits. Please stay tuned to The IIA’s website and your email for more information on this upcoming session. You can also hear free playback on previous webinars by visiting the FSA Web page (member login required). Take advantage of these informative sessions, which are an easy way to gain continuing education hours.

I would like to wish everyone the very best in 2012! The Board is looking forward to another productive year of serving our financial services constituents. As always, if you have any questions or suggestions regarding our activities, please contact any Board member.

Warm regards,

Scott White, CIA, CFSA

Financial Services Advisory Board Chairman