Volkswagen Internal Audit may have provided warning signs on emissions tests as early as 2007
Volkswagen shares have been rocked recently and investors have been fleeing after it emerged that the global leader in the Automotive sector has been using technology in their diesel cars which helps them reduce their emission levels when tested.
Bosch- a leading partner of the the firm apparently warned VW to only use the technology internally and that it was not for actual use in retail cars according to news websites suce as Arstechnica.com
VW admitted after conducting Internal Audits that they believe over 11 million vehicles are currently affected by the technology.
With the previous CEO recently resigning due to the scandal emerging, and the ex Porsche CEO now taking the helm as the new Chief of the troubled company, Mueller has vowed to enhance the effectiveness of the company’s corporate governance and how reports from internal audits are used to ensure the business is operating in accordance with the highest compliance standards.
As a result of the internal audit, VW has announced they will set aside over 7 billion US dollars to cover costs and damages associated with the callbacks on the vehicles which are mainly based in the US.
Investors in VW shares have seen up to 40% decreases in asset values as a result of the rigging scandal being publicised. Friday seen the shares close in the region of 107 EUR where only a number of weeks ago they traded at 167 euro prior to the news breaking.
In 2010 Toyota, another leader in the auto sector suffered a similar fate and their shares took over 2 years to finally bottom out.
For the best Internal Audit, IT Audit and compliance jobs across Europe, contact Audit International 0041 4350 83095.
1385 total views, 2 today