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bribery
Do you recognize any of these red flags? On a board or in a company of which you serve? Allegations of wrongdoing can put assets and reputation at risk. Regulators have enormous power, and are focusing their sights much more on the role a board plays, or does not play, in overseeing the affairs of the company.
Take pride in your work and know that if you accept cash for coverage, then you've been compromised, but it's best to acknowledge this fact and move forward with integrity. In order to stop the on-going payola scheme, all must refuse to be bought and sold for providing coverage and know there's real value in that. Let's start the discussion now rather than later.
According to Michael Hershman, an international expert on transparency and accountability, corruption is more severe in Quebec than anywhere else in Canada and a "culture of corruption" has invaded the province's business elite.
The Canadian government is doing what it can to help corruption-plagued SNC-Lavalin get a lucrative contract to build a $163-million hospital complex in the Caribbean country of Trinidad and Tobago. The injudiciousness of the decision by one Canadian federal government agency to arrange an untendered, closed-door deal for SNC-Lavalin while another, the federal police force, investigates the company for wrongdoing seems lost on government officials. Canadians would be right to charge that our government is failing to maintain proper standards in the handling of public projects.
There is a strong bias for audit committees to oversee many risks, not just financial. No regulation mandates this however. Audit committees should not oversee risks that they are not qualified to oversee. Here are a dozen broader questions to determine whether your Audit Committee needs a reset.
