I missed that comment but it smacks of incompetence all around,...

I missed that comment but it smacks of incompetence all around, does it not?

Sounds like blame pointing/escapism - it is the Audit & Risk Committee's fault that our misleading report was published. Hello? I thought the Committee are all Board members and purportedly the report was reviewed by the Board. Hello? Is this the Mad Hatter's tea party? Sounds like it.
Perhaps they are meaning that the report is accurate and correct because the Audit & Risk Committee did not review it.
Or do they mean that it is OK to say anything so long as the Audit & Risk Committee does not review it, so long as any Board approval that includes the Committee members is not a formal Committee approval?
Cuckoo, cuckoo! Who do we meet next - the White Rabbit or the Queen of Hearts? Or does the Dormouse jump out of the spout and say it was all his fault!

Actually, I will only be looking at WOA threads in future as a form of entertainment in the nature of the Goon Show, or Monty Python, or Mr Bean, or Fawlty Towers (depending on your age, take your pick).