Taking a two-week holiday may seem impossible in the hard-driving world of securities traders at big global banks. But such a vacation is a “fundamental audit principle” that all banks should follow because it can help expose any rogue traders, according to Mark Olson, head of the Public Company Accounting Oversight Board. French-based Societe Generale recently disclosed the loss of billions of dollars it blamed on a trader.
Olson spoke at the annual Reuters Regulation Summit. The PCAOB was created by Congress in 2002 to help protect investors after the Enron corporate accounting scandal.
