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Inside Internal Controls

News and discussion on implementing risk management

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Author Archive - Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons)

Apolone Gentles is a CPA,CGA and Ontario lawyer and editor with over 20 years of business experience. She has held senior leadership roles in non-profit organizations, leading finance, human resources, information technology and facilities teams. She has also held senior roles in audit and assurance services at a “Big Four” audit firm. Apolone has also lectured in Auditing, Economics and Business at post-secondary schools. Read more here

Collective agreement, not software, drives employee entitlements

Organizations must carefully and proactively determine user requirements and document them with great specificity when designing or evaluating software options to manage payroll and benefits within their companies.

 

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Improve internal controls over fixed assets (Part 2)

A failure to satisfy proper cut-off, completeness, existence, accuracy and ownership are common problems arising from weak or non-existent fixed asset policies. The overarching approach to satisfying these issues is to design and implement internal controls in proper policies and procedures.

 

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Improve internal controls over fixed assets (Part 1)

Many organizations face challenges with recording and physically safeguarding fixed assets. Organizations must also meet disclosure and other requirements when they prepare audited or other financial statements, corporate tax returns (applicable to for-profit organizations) and T3010 Registered Charity Information Returns (applicable to charitable organizations). Accounting processes and procedures must facilitate these activities.

 

A step-by-step guide to creating a cybersecurity plan

The first step is easily accomplished by reviewing a few definitions. The second step is trickier. The third step may involve a lot of work, but you can start with six straightforward steps.

 

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Employee forfeits $115,000.00 in bonuses by resigning; active employment clause valid

A bonus policy may state that employees who are eligible for bonuses must also be actively employed to receive their bonus payments. That is, employers may institute an “active employment clause”. Courts will uphold valid active employment clauses, as demonstrated by Bois v. MD Physician Services Inc., 2017 ONCA 857 (CanLII). MD Physician Services Inc. […]

 

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Phishing losses exceed $224,000.00 after insurer denies coverage

In August 2010, someone called The Brick’s accounts payable (AP) department, pretending to be from Toshiba Canada. The caller said he was new to Toshiba and needed some payment details. The Brick employee faxed the payment information to the number which the caller provided.

 

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Not-for-profits need a plan to determine whether to take a stand or policy position

Not-for-profits should continuously assess current and emerging issues to determine whether to take a stand or policy position. Emerging issues may be strategically important to the organization and are often time-sensitive; the opportunity to take a stand on an issue may be fleeting because attention may soon be re-directed to something new. Not-for-profits will need […]

 

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Mitigate the risks associated with IT systems acquisition

Any organization which acquires IT systems must do so carefully. Among other reasons, systems may be costly, they may be critical to business operations, and they may create significant risks (for example a risk of security breaches). The following suggestions will help to mitigate some of the risks associated with IT systems acquisition:

 

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Social impact bonds – investing in communities

Social Impact Bonds (SIBs) are an innovative way for organizations to practice Socially Responsible Investing (SRI). Canada joins other jurisdictions like the United Kingdom, the United States and Australia, in investing in SIBs.

 

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Canada Revenue Agency (CRA) updates for charities and other not-for-profits

Canada Revenue Agency recently released the following updates which are of interest to charities and other not-for-profits.

 

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Processes to support information technology effectiveness reviews

This blog post reminds organizations that they should take the time to conduct information technology effectiveness reviews, to evaluate and improve the IT department’s role in achieving the organization’s goals.

 

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Effective investigations and interviewing in the workplace

Employers must investigate incidents or allegations of workplace harassment and violence. Here are some best practices to improve your workplace investigations and interviews:

 

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Budget 2017 focus on anti-money laundering and anti-terrorist financing

Given recent issues, it is no wonder that anti-money laundering and anti-terrorist financing (AML/ATF) received significant attention in this year’s federal budget (“Budget 2017”). Organizations can expect changes to the AML/ATF regime, and should monitor developments in this area.

 

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The Canadian real estate market: Affordability and money laundering

Although Canada has a robust anti-money laundering and anti-terrorist financing regime, there is much room for improvement. Real estate may be an easy way for criminals to launder money. According to Transparency International, this is a major problem in several countries, including Canada. A recent report looks at the main problems related to real estate and money laundering in Canada, the United Kingdom, Australia, and the United States. It concludes that current rules and practices are inadequate to mitigate the risks and detect money laundering in the real estate sector.

 

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Anti-money laundering and anti-terrorist financing developments

New anti-money laundering and terrorist financing guidelines by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are now in force. FINTRAC recently released new guidelines in respect of politically exposed persons and Heads of International Organizations. The Guidelines were effective June 17, 2017, and complement new regulatory provisions which came into force on June 17, 2017, under the Proceeds of Crime and Terrorist Financing Act.

 

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