Thread regarding Wells Fargo & Co. layoffs

Auditing - Dante's seventh level

The busy work these audit teams generate is staggering and the quality of the questions and the process they use is a case study in how not to be effective.

I have been asked to audit the same thing five times by three teams. Two of which are in the SAME DEPARTMENT.

When I stated this was work already accomplished with the first team the other two refused to accept the very detailed lengthy arduously built and fully certified audit submission, stating they "have their own process they have to do".

Are we freaking kidding? Is there so little work of substance that we need to re audit the same stuff over and over?

I am not impressed by the people they sic on us either. They have no depth to ask intelligent questions, instead relying on a painful interview process hoping to stumble on something to generate another audit.

The glee in their voice when they say "Ooooh so that means...." is a cringe moment equivalent to knowing you just told the IRS you got a deduction wrong.

Who seriously chooses this line of work as a career? You must know we see you as a joke and something to be borne in life like getting COVID.

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| 1716 views | | 6 replies (last August 27, 2021) | Reply
Post ID: @OP+1cwekbZs

6 replies (most recent on top)

True story: a few years ago I was waiting for an elevator with another person on my team. A group of people approached, heading for the same elevator.

My team mate said, "oh, oh. That's the auditing people". We'd just been in a meeting and I swear our local management had the Fear of God in them from these "auditors".

So we all get in the elevator. My team mate gets off at the next floor, so it's now just me and the auditors.

I can see from the elevator lights that the auditors are going to a different floor than I am. As we reach my floor I fa-t. Seriously. I did it on purpose (I have lactose tolerance issues, which can be quite fun at times, and I can seriously clear out a room sometimes).

Then I get off the elevator and the door closes and the auditors continue on.

True story.

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Post ID: @1crs+1cwekbZs

Internal audit recently started asking random tech people for copies of SoC1. Now that is a report on finances . The current audit head is supposedly a finance auditor . Mmmm

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Post ID: @1fom+1cwekbZs

I’m confused by the post. You said they said that YOU need to audit something again? Are you the auditor or the one being audited?

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Post ID: @1xtt+1cwekbZs

Internal Audit has no real leadership. It hasn't for several years. They have people in high positions who have never even planned, executed, or managed an audit from start to finish, couldn't do so if their life depended on it. Were you expecting something different?!

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Post ID: @fhp+1cwekbZs

The new chief auditor is focused on metrics and pushing out as many audits as possible. This resulted in much smaller audits with much smaller scopes.

Audit was already a mess with coordinating coverage. Imagine this new approach.

What a friggin mess. It’s not about risk management. It’s all about making people think more is being done. More widgets processes = good.

Lol. The OCC should go ahead and take over. It’s a bigger mess than we had before and prices the bank is too big. Bringing in a new chief auditor will not help. Just let the current one flame out

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Post ID: @eep+1cwekbZs

Funny thing is, internal auditors are super stars compared to KPMG. I have no idea how much they pay those clowns to sign off on everything we do, but they are faux audits every time I see them. They go through the motions, asking the most superficial of questions, and then leave as soon as they can so they can hit the local bars.

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Post ID: @lhx+1cwekbZs

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