First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

Business and Legal Issues

Do record keeping time limits mean anything anymore?

One of the most common questions asked by the lay taxpayer is for how long they need to keep their tax records. And while there is a legislated answer for this, one wonders whether it is ever safe to destroy records.

 

, , , ,

Foreign patent holders (and lawyers/patent agents): Beware when writing to Canadians

A number of changes to Canada’s intellectual property legislation came into force on Dec. 13, 2018. One of the changes to Canada’s Patent Act is a new subsection relating to written demands.

 

, , ,

Why is internal audit not seen positively?

One of the findings in a new report by Deloitte, their 2018 Global Chief Audit Executive research survey, is that only 33% of CAEs believe their function is seen positively.

 

, ,

Standing Committee on Finance releases recommendations on Canada’s anti-money laundering and anti-terrorist financing regime

anti-money laundering

Recently, the House of Common’s Standing Committee on Finance released its report titled, “Confronting Money Laundering and Terrorist Financing: Moving Canada Forward” (the “Report”). The Report was released pursuant to the Standing Committee’s mandate under Standing Order 108(2), which directed the Committee to study the Proceeds of Crime (Money Laundering) and Terrorist Financing Act1 (“PCMLTFA”) and was […]

 

, ,

CPTPP implemented in Canada: What you need to know

In this international trade brief, we discuss the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and why this international trade arrangement presents yet another immense opportunity and challenge for Canadian businesses.

 

, , , , , ,

Internal audit is your third line of defense

In a perfect world, internal controls would be 100% effective once implemented. In reality, organizations needs multiple lines of defense or barriers to guard against the risk that they will not achieve their objectives. The internal audit function is the last of three lines of defense recommended by the Institute of Internal Auditors (IIA) in […]

 

, , , , , , ,

Federal Court of Appeal clarifies key damages concepts

Late last month, the Federal Court of Appeal released its long-awaited decision in Apotex Inc. v. Eli Lilly and Co., 2018 FCA 217. In the underlying litigation, the Federal Court awarded damages to Eli Lilly because Apotex had infringed Eli Lilly’s patented process for making a cephalosporin antibiotic.

 

, , ,

People still don’t know how to assess cyber risk!

Why do the consultants keep advising management and the boards to consider cyber risk as if it is separate from all other business risks?

 

, , , , , ,

Supreme Court of Canada rules in favour of lenders in Callidus

In a 2017 judgment discussed here, the Federal Court of Appeal permitted the CRA to assert a claim against a secured creditor who had received a repayment from its borrower prior to bankruptcy when the borrower also owed unremitted GST obligations to the Crown.

 

, , ,

When should an employer terminate for cause?

An employment relationship is a relationship built upon mutual trust. Courts and tribunals have long held that when an employee violates that trust, the employer is justified in ending the relationship, for cause, and without notice.

 

, , , ,

Meeting of the minds – When a contract is or is not formed

It may be critical for a party to ensure that no loose ends remain in the negotiation of any contractual relation before it can rest assured that it has an enforceable contract.

 

, ,

Top 10 most-read Inside Internal Controls posts for 2018

This year on the Inside Internal Controls blog we’ve been covering some of the hot topics in internal controls, governance, information technology, not-for-profit, and business management.

 

, , , , ,

Influencer marketing: Understanding disclosure best practices

From the Instagram model advertising gifted products to the geek blogger paid to review video games, influencer advertising is now everywhere. Digital marketing is rapidly evolving (the world even saw its first CGI influencer earlier this year), and regulators are adapting accordingly.

 

, , ,

Stricter impaired driving laws are in force next week

Stricter impaired driving laws are set to come into force next week.

 

, , , ,

Bill introducing changes to IP legislation receives swift approval from parliament

Bill C-86, the Budget Implementation Act, 2018, No. 2, (the “Bill”) which makes a number of changes to the Trademarks Act, the Patent Act and the Copyright Act as well as introducing the College of Patent Agents and Trademark Agents Act became law in Canada after receiving Royal Assent on Dec. 13, 2018.

 

, , , ,

Previous Posts