Careful what you say inside the CBA

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Via the AFR, it just doesn’t pay to be bearish at the CBA:

The allegations, by the head of the Institute of Internal Auditors Peter Jones, comes in response to criticism that internal auditors had lost their authority within large corporations, were too timid to “speak truth to power” and too readily intimidated into watering down their own reports.

…He said the banking royal commission and the prudential regulator’s report into failings at the Commonwealth Bank of Australia had highlighted that internal auditors were doing their job but the information was not reaching senior management and the board.

…”The Institute is aware of situations where internal auditors have had their reports diluted or suppressed, and in some cases the internal auditors have been moved sideways or dismissed.

It’s all good. It’s always all good. And another thing: it’s all good.

Capiche?

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.