In the final analysis, for any system to work you need to assure that the key people have integrity, that the information provided to key stakeholders is timely and reliable, and that the persons or entities that are providing assurance as to the reliability of any financial and non-financial information are qualified and independent both in fact and appearance.
Key people have to have integrity for any system to work.
Time's cover story is pegged to the release of testimony from the Whitey Bulger case.