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Auditors?
Wonder what the auditors were doing in the last couple of years? Maybe they thought the hole was below materiality level.
Doing his duty
At least he fell on his sword.
If he had been one of the great and the good (e.g politician, HMRC head etc) he would have protested his innocence/excellence, been handsomely awarded and the sword probably used to dub him instead.
Inadequate management control systems, bring companies down, but time and again, proper controls are allowed to become dysfunctional, usually following re-organisations, hiring and firing for efficiency, its like the senior people think pixies and fairies somehow keep the integrity of controls going no matter what they throw at an organisation. Senior management teams should be intimately aware and regularly review the fit for purpose status of their management control systems. Emporers clothes is a common problem, does really make you wonder about the justifications for high earners.