Blog: Jail Time for VW Exec Offers Important Lessons on Risks and Compliance
In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here’s an excerpt from his latest post:
The seven-year federal prison sentence for former Volkswagen executive Oliver Schmidt has weighed on my mind since it was handed down in December. Schmidt led Volkswagen’s U.S. regulatory compliance office during the period when the German automaker was installing “defeat devices” on its vehicles designed to circumvent U.S. emissions rules.
During his allocution in federal district court, Schmidt admitted knowing of the existence of cheating software in Volkswagen’s two-liter diesel vehicles. He also acknowledged knowing VW employees were intentionally providing misleading explanations to U.S. regulators.
It is stunning to me that such admissions would come from the head of compliance for any organization, much less one from a venerable and respected global automaker.
Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.
