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And for shareholders, surely the price of truly independent audits is one worth paying?
ECONOMIST: Accountancy
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Oilmen are talking of embracing independent audits of reserves and other voluntary measures designed to head off onerous new regulations.
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Experts said there may not be time to carry out the multiple independent audits that large-scale construction projects like stadiums typically require to ensure safety.
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Under the settlement, Facebook is required to obtain users' consent for certain changes to its privacy settings, as well as commit to 20 years of independent audits.
BBC: Privacy groups call for Facebook changes U-turn
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Since the Securities Act of 1933, public companies have been required to get independent audits each year, assuring investors that a fresh set of eyes has inspected the books.
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Companies that excel at this will be publicly recognized by the government and companies that fall short in two consecutive independent audits will be required to implement a remediation plan.
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Despite a settlement last year with the Federal Trade Commission in which the company agreed to independent privacy audits for 20 years, privacy advocates worry about the vast trove of user data it owns.
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The settlement requires Facebook to take several steps to make sure it lives up to its promises in the future, including by giving consumers clear and prominent notice and obtaining their express consent before sharing their information beyond their privacy settings, by maintaining a comprehensive privacy program to protect consumers' information, and by obtaining biennial privacy audits from an independent third party.
ENGADGET: FTC and Facebook settle privacy dispute, skip the fine
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An independent, certified audit is conducted annually in addition to periodic, regular audits by NFA and information requests from the CFTC and exchange representatives.
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