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Non-Tech : Cendant Corporation (NYSE:CD)
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To: synchro who wrote (1069)7/16/1998 12:38:00 PM
From: BearfromBerkeley   of 3627
 
All large companies have an internal audit department. The head of the internal audit department should report directly to the audit committee of the BOD. Unfortunately, the audit director depends on the CEO for job security. There is a real conflict of interest here and if there is a CEO who is willing to bend the rules (or create fraud) it takes a tough audit director to go over his head to the BOD. It would be interesting to see the notes for the CUC audit teams in the areas where the "phony" revenues were created. There could be grounds for criminal action if the auditors discovered the fraud, reported it to Forbes (or his designated assistant) and were told to "hush up".
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