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Corporate governance professionals have been claiming for decades that the constant pressure from shareholders to deliver ever-increasing growth and performance every year could result in management misconduct. This has led to corporate governance frameworks, such as the King codes on good governance, becoming increasingly important. In addition, a multitude of audits that provide different levels of assurance to boards, executive management and shareholders have been implemented over the years. After the Enron scandal in 2001, there was increased pressure on company board members, as well as audit and risk management professionals, to step up their game. However, judging by recent local and global headlines, this was not enough, and those tasked with providing assurance still missed crucial red flags. How do we miss the warning signs? Are the risk management frameworks to blame? Are the audit and risk professionals part of the overall problem? It is imperative that shareholders, bo...

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