Weekly Wrap – 20th November 2013

 

VIDEO TRANSCRIPT

Hi I am Tom McLeod, Managing Consultant of McLeod Governance.

This is what I would be thinking about this week.

If you were a student of American history you would more than likely know that this week marks the 150th anniversary of the Gettysburg Address by Abraham Lincoln.

Equally you are probably also aware that last week a Pennsylvania newspaper retracted an editorial that it wrote 150 years ago where it described the President’s comments as silly.

Now the purpose of today’s conversation is not to look at one of the greatest speeches in recorded history but rather to consider how often we – as risk and audit professionals – issue apologies and retractions when we get things wrong.

In my whole career, I can only think of two times that I personally have issued a retraction or issued an apology about an observation that I was incorrect about.

I have never submitted such a retraction or apology at an Audit Committee level.

So my challenge to you today is what processes do you have in place to continually check that the observations and opinions that you make are continually based on fact and where they are not what you do in terms of retracting that so as to not cause offence or future damage.

It is an interesting challenge for all of us in the area of risk and audit.

 

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