I come from the traditional accounting/ internal audit where governance teams and internal controls at the very least are installed and due diligence is a best practice especially in large sums of money being distributed. I am new here to the EA community and have expected similar protocols are in place as large scale fraud is not some new thing—it had brought down the accounting profession in 2001 (Enron) and the mortgage crisis in 2008 (Lehman).
I guess what is clear to me is EA lacks the expertise on fraud / error detection, moreover has to make some improvements in the near future.
Hi Milan,
I come from the traditional accounting/ internal audit where governance teams and internal controls at the very least are installed and due diligence is a best practice especially in large sums of money being distributed. I am new here to the EA community and have expected similar protocols are in place as large scale fraud is not some new thing—it had brought down the accounting profession in 2001 (Enron) and the mortgage crisis in 2008 (Lehman).
I guess what is clear to me is EA lacks the expertise on fraud / error detection, moreover has to make some improvements in the near future.
All the best,
Miguel
+1 on this. It is painfully clear that we need to radically improve our practices relating to due diligence moving forward.