Based on the collapse of AIG in 2008 (Out of $441 billion worth of securities originally rated AAA, as the US sub-prime mortgage crisisunfolded, AIG found it held $57.8 billion of these products. It was forced to take a 24-month credit facility from the US Federal Reserve Board.)

In your opinion, what are the lessons learned that you may offer corporate internal auditors? For example below is a few question that you should address:

1) Could the internal auditors have predicted any problem at its infancy before they get bigger and take the company and all employees down to bankruptcy or closure of the business?

2)Should the internal auditor be qualified to uncover lack of the application of the established corporate governance rules?

3) Was the cause of the crises unpredictable?

4)Were the established governance rules pragmatic?