Richard Chambers: Where is the Audit Committee When the Head of Internal Audit is Being Fired?

I recently received a note from a LinkedIn connection informing me that he had been terminated as the chief audit executive (CAE) for his company. He was remarkably philosophical about the turn of events. He observed that the company’s culture wasn’t comfortable with an internal audit function that enjoyed any “real degree of independence.” I asked him a number of questions about relationships with key executives, and he said they were “cordial, but not genuine.” I found that to be an interesting choice of words. He indicated that the end was not acrimonious, and that the CFO (to whom he reported) ensured that he received a fair settlement (with an appropriate non disparagement clause of course).

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