What is going on in Internal Audit right now. Feels like there is a secret at P5 and above.
18 replies (most recent on top)
Everything must go
WF IA >
@3fpm+1t0fRojR & @2eqo+1t0fRojR. That's why so many people are leaving. No-one wants to be here when it all goes to s---t. Think of the implications of all that on your resume. If you think it's bad now, wait a while.
The only good news would be Paul leaving.
I’m not in audit now but used to be.
I can guarantee you that massive blow up will occur if they send a material portion of risk coverage to India.
They are not engrained in our enviornment. Front line risk is shipping jobs overseas. Gauranteed to get us in the paper at some point.
Domestic employees can barely understand what Compliance is saying. Tons of grey and holes everywhere.
If you want this nonsense to stop put someone from India in front of regulators. They will be torn apart in less than 10 minutes.
Something is going on. People especially AICs are leaving left and right on several audit teams and they are not hiring people to backfill. There are more employees in India but on some teams they are not working on audits. There is an AIC crisis on several teams.
I think if and when the asset cap gets lifted, that’s when people audit will really need to start worrying. If audit gets gutted before that, it may mean there’s no expectation that it will ever happen. Audit’s actual effectiveness is arguably less important in this equation compared to the perception of the regulators, and the two recent rating upgrades indicate the regulators at least perceive that audit is trending in the right direction with the headcount and people it currently consists of. Suddenly sending them all packing in favor of people with no prior institutional knowledge who aren’t even living in the same day of the week as the US government from 2:30 PM - midnight EST is probably not the way to keep the regulators thinking the bar has risen.
The secret is audit is a sham. They don’t have a clue.
@1djw+1t0fRojR I agree that "massive change in the regulatory environment for audit jobs to get completely outsourced."
This is precisely what the Basel-x "could do". Currently, the Basel Committee on Banking Supervision (BCBS) doesn't directly set audit standards for Basel capital requirements. So there is reliance on GAAS and CAGAS. BCBS currently relies on existing and evolving professional audit standards to ensure proper internal audit practices within banks for Basel compliance. Auditors should emphasize the effectiveness of GAS standard internal audits in ensuring Basel compliance.
So if you focus on your GAS you won't be outsourced. Keep your f..rts big!
Everything is going digital and centralized. Files are kept in the cloud now and no need to go to the branches to audit anything because nothing is there. Audit will be a bloodbath when the layoffs start. No more cost of flying out to branches, getting hotel room and renting cars. All about the cost savings.
In the near term there’s definitely going to continue to be a gradual shift of audit jobs over to India. But it’s not as though they’re going to fire half of audit and replace them with people overnight. The regulators would tank our audit rating immediately. Some of the systems and data auditors need to do their testing isn’t even legally allowed to be accessed overseas. I guess I could be wrong but I’d think there’d have to be a massive change in the regulatory environment for audit jobs to get completely outsourced.
Don’t know if they meant to but they gave away the game in the town hall. As the company continues to shift line of business jobs to India..who will be auditing them?
Just a pro tip, whenever you hear leadership harp on how India is part of the team and just another site…that job is going away
Internal audit has always been a den of corruption, I mean , a den of controls .
Well they started replacing even the PHP folks with people in India and they’ve been hiring a ton of quality assurance positions in India since April or so I’m guessing the directors are scrambling to stay relevant as all their employees are clearly set to be laid off in the next few months.
It's always been that way. I heard Paul visited a site, came back from lunch, everyone was gone. Heard a rumor they are going to monitor hours in the office.
I’ve seen several posts like this about Audit in the past couple years and, as far as I’m aware, nothing drastic has happened there after any of them.
Going after WFH.
lots of closed-door meeting after TH