The answer may be simple, but will it be applied?
A good question is asked and the answer looks familiar, "What can be done to avoid accounting fraud scandal?".
Will there be any other answer? That is what I have the interest to know.
Most of us understand what is internal control and we may wonder why case like Société Générale could happen. If such financial body would fail, most others should be even worse. The only difference is just luck, not management at all.
Perhaps we need to have an accounting report of how many big ones had failed in front of the world for these years. We know how much a CEO had earned. We cannot know they were worth the amount at all. Good outcome might not be for their work. If one fails to protect the corporation from any scandal, he/she should not be a CEO. If one can sell, he/she is just a sales, not a CEO. If one can create, he/she is just a developer and not a CEO.
May be a CEO would better be a jack of all trades. At least, he/she should know more about accounting unless he/she is the bad sheep.
Will there be any other answer? That is what I have the interest to know.
Most of us understand what is internal control and we may wonder why case like Société Générale could happen. If such financial body would fail, most others should be even worse. The only difference is just luck, not management at all.
Perhaps we need to have an accounting report of how many big ones had failed in front of the world for these years. We know how much a CEO had earned. We cannot know they were worth the amount at all. Good outcome might not be for their work. If one fails to protect the corporation from any scandal, he/she should not be a CEO. If one can sell, he/she is just a sales, not a CEO. If one can create, he/she is just a developer and not a CEO.
May be a CEO would better be a jack of all trades. At least, he/she should know more about accounting unless he/she is the bad sheep.
posted by F. H. Tong | 2:48 AM
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