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Blogpost: Fines Against Internal Auditors Raise Serious Questions

With greater scrutiny should come greater protections

”Not much surprises me these days, but recent actions by an administrative law judge for the U.S. Office of the Comptroller of the Currency (OCC) are shocking. The judge recommended stiff penalties against three former Wells Fargo executives – the chief risk officer, the chief audit executive (CAE) and an internal audit director – over sales misconduct at the bank, according to a recent article in American Banker, a financial services trade publication. A combined $8.5 million in “civil money penalties” against the two internal audit executives is virtually unprecedented in my memory – particularly when examining the grounds upon which the fines were leveled.”

Read the full post by Richard Chambers here.