Spring Equinox - day to balance eggs!
In the meantime, with ironic timing given the spectacular write down of assets at Bear Stearns and at other financial institutions, the Center for Audit Quality releases survey results "More than three-quarters of audit committee members who took part in a recent survey commissioned by the Center for Audit Quality (CAQ) rate overall audit quality “very good” or “excellent,” and 82 percent say it has improved in recent years."
I can just see the excuses - "we were primarily focused on fraud after Enron, not market turbulence or other risks".
My pet peeve about SOX for a few years now has been we have focused on tactical aspects of risk management by throwing low level controls and compliance staff at the problem, while not being focused more on the higher level risks which allow for spectacular frauds and other meltdowns. And risk comes from every corner - from your supply chain, from financial markets, acts of God and yes, sometimes internal fraud.
