FTX: Latest example of auditor failing as financial guardians

Audit firms are the guardians that protect the investing public and those who rely on companies’ financial statements. It is imperative they have the capability to audit those companies and maintain their independence, especially when the fees received are a significant portion of the audit partner’s and audit firm’s income. They need to fire their client if they uncover a pattern of fraudulent practices.

Does your company have too many chiefs?

When I see staff organization titles like chief knowledge officer, chief visioning officer, chief sustainability officer, chief strategy officer and chief innovation officer, I wonder why these areas aren’t the responsibility of existing positions within the company. I also wonder about the lack of ownership by the line organization of the initiatives developed by staff “chiefs.”