Thursday, October 23, 2008

The Obama campaign: A material weakness in internal controls 

As a chief financial officer and student of Section 404 of the Sarbanes-Oxley law, I have both a practical and a philosophical interest in "internal controls" over financial transactions. It fascinates me that one presidential campaign -- John McCain's -- appears to have adequate internal controls in place to prevent purely fraudulent campaign donations, and the other -- Barack Obama's -- does not. Is it out of line to wonder whether his campaign's casual regard for controls will extend into Barack Obama's White House?


By Blogger Kinuachdrach, at Thu Oct 23, 08:44:00 PM:

"his campaign's casual regard for controls"

That's a very nice way to put it. From some of the reporting, it seems more like a deliberate policy.

The real issue is not Obama's casual treatment of the law. It is his secure knowledge that his fellow Democrats in Congress & the media will turn a blind eye.

By so doing, they are destroying the concept of a nation governed by laws. And the long-term consequences of that will likely be as negative for Obama & the Democrats as for al the rest of us.  

By Anonymous Anonymous, at Thu Oct 23, 10:10:00 PM:

He might get an adverse opinion on ICOFR but he gets an unqualified opinion on his financial statements.

Oh, did i just use Obama and Unqualified in a sentence?

Am i a racist now?  

By Anonymous Anonymous, at Fri Oct 24, 09:17:00 AM:

Why not call this what it is? Why all this make-nice dancing around, describing the disablement as "a casual regard for controls", when in fact it is a highly disciplined regard for controls. Or at least for the circumventing of all controls, until November 5 dawns, at which time it won't matter any more. Kim Crawford strikes just the right note.  

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