Out with the Auditors

I have been an internal auditor at a major international bank. There are different auditors involved in most corporations who report to different people, but generally, Auditors provide oversight. Internal auditors generally report to the owners or board of directors of a corporation. They report on the success that management is having managing risks. Risks can include wasted money, fraud, incompetence, etc.

Inspectors General (IGs) are the governmental equivalent. That they are being purged for doing their job should enrage us all. This tells us the same people who want to blow our hard earned money paid in taxes on their own projects (lining their pockets) are getting the overseers fired who can blow the whistle on their behavior.

Read the article here.

Highlights of the fox new story:

"The mounting evidence that there might be political interference with the IGs is disturbing," said Pete Sepp, vice president for policy and communications at the National Taxpayers Union. "The IGs are being emasculated."

Congress missed an opportunity to bolster the IGs when it debated the 2008 IG Reform Act. Provisions that would have allowed only the president to remove IGs for good cause "lay on the cutting room floor" and didn't make it into the final bill passed last September, she said.