In June 2011, MF Global's internal auditors foreshadowed potential problems with customer money.
Internal auditors once accused him of operating the newspaper chain as a "corporate kleptocracy".
Ms. Haas said internal auditors spotted irregularities in the bank's operations in February.
(In fact, Ernst & Young are not that independent, they are Thomas Cook's internal auditors).
Internal auditors usually monitor specific projects or segments of a business, Professor Grant said.
The task of internal auditors is to see whether prescribed data handling and asset protection procedures are being followed.
One top-secret memo instructed the agency's internal auditors not to reveal certain details to the Justice Department.
For example, auditors should check that a company's internal auditors are effectively monitoring expenses at a particular division.
The report instead blamed five former and current Olympus internal auditors for allowing the company to misstate its finances.
Extra costs, internal auditors warned, will also be incurred because of the much reduced timetable for the national rollout.
They also had internal auditors and external auditors, district treasurers and audit committees to help them watch the money.
