http://www.theiia.org/intAuditor/feature-articles/2012/june/the-dangers-of-financial-derivatives/ Blogen-us Wed, 22 Aug 2012 11:20:50 AMWed, 22 Aug 2012 11:20:50 AM http://www.theiia.org/intAuditor/feature-articles/2012/june/the-dangers-of-financial-derivatives/2012-07-09Excellent article! We have struggled to find consultants who were competent to audit this aspect of Treasury. Wish I had come across this article a year ago. It does a great job of explaining in common terms how these instruments work and the risks involved in holding them. Thx http://www.theiia.org/intAuditor/feature-articles/2012/june/the-dangers-of-financial-derivatives/2012-07-06This is a very good article for us to read as we prepare for the Treasury Audit. http://www.theiia.org/intAuditor/feature-articles/2012/june/the-dangers-of-financial-derivatives/2012-07-06I don't know anything about derivatives, so this is great information. I don't know much about controls either, so take this humble observation for what it's worth. My sense of auditors and risk managers has always been that of someone standing next to a railroad track with a red flag, waving it madly while an engineer ignores it and continues steaming toward a bridge that cannot sustain the train, taking a trainload of unsuspecting passengers with him. The engineer survives, all the passengers' lives are destroyed, and regrettably, the flag-waving auditor had no power to stop the train beforehand. The lack of incentive to do things right and to do the right thing will continue to plague the business world and frustrate internal auditors and risk managers who are the conscience of a discipline that doesn't really want one.