The Lesson of Enron


ON THE RECORD

he take-away from Enron is that ethics and compliance professionals have a terribly important job to do, and there’s a lot more to be done. They still don’t really have the power to say no to a CEO or CFO. Compliance and ethics professionals need to be beholden to the board, not to senior management. They need to be empowered and protected. They ought to have employment agreements that cannot be terminated without the audit committee’s signing off. And audit committees ought to be recruiting compliance officers from other companies as members.”

—Joseph E. Murphy, partner, Compliance Systems Legal Group,
remarks at The Conference Board Ethics and
Compliance Conference, New York, May 11.

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PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.