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Inside Internal Controls

News and discussion on implementing risk management

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Corporate Administration

Excellent advice for all of us involved in managing risk

The International Federation of Accountants (IFAC) has published a first class document, Enabling the accountant’s role in effective enterprise risk management.

 

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Implement effective governance practices in not-for-profits

There are increasing pressures on not-for-profit boards to implement effective governance practices. The growth in the sector and the increase in financial, cybersecurity, and other risk factors have fuelled pressures on not-for-profits to be more accountable to its members, donors and other stakeholders.

 

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Advice for audit committees and oversight of external auditor

While it is clear that the role of the external auditor is important and that the audit committee is charged with their oversight, it is unusual to see advice on how that oversight should be discharged.

 

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Alberta High-Cost Credit Business Regulation to become effective January 1, 2019

On November 29, 2017, the Government of Alberta introduced Bill 31: A Better Deal for Consumers and Businesses Act (“Bill 31”) setting out various changes to the Fair Trading Act (including changing the name of the legislation to the Consumer Protection Act) (the “Act”). Bill 31 introduced various new requirements applicable to “high-cost credit businesses”, including a requirement to obtain a “high-cost credit licence.”

 

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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.

 

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Who takes cyber risk?

Who is taking cyber risk? Is it the board and top management who are deciding how much scarce resource to invest in breach prevention, detection and response? Or is it the business leaders whose initiatives are damaged or worse should there be a security incident?

 

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Full steam ahead for official bilingualism: Government of Canada tables overhaul of official languages regulations

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On October 25, the Government of Canada tabled significant amendments to the Official Languages (Communications with and Services to the Public) Regulations. As discussed previously, this regulatory overhaul stems from commitments made in the 2018 federal budget plan to improve access to services offered in the language of the official minority by federal institutions from coast to coast.

 

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Bill 66: More changes to employment and labour legislation

On December 6, 2018, the legislature again introduced new changes to the statutory labour and employment regime of the province. While Bill 66, Restoring Ontario’s Competitiveness Act (“Bill 66”), makes changes to a wide swath of laws, the ESA and the LRA are subject to some new tweaks.

 

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The Supreme Court of Canada confirms that the Doctrine of Unforeseeability is not part of the Civil Law of Contracts in Québec

The issues to be determined by the Supreme Court of Canada (“SCC”) in this highly anticipated decision included whether the doctrine of unforeseeability (hardship) was an integral part of Québec law, or the requirements of good faith and equity could provide a legal basis for the claims made by CFLCo.

 

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Ontario court declines to order franchisees to pay royalties

In a recent Ontario case, the Justice was faced with a claim by a franchisor against seven of its 11 franchisees who had ceased paying royalties and marketing fund contributions to their franchisor.

 

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Mistakes to avoid in conducting effective workplace investigations

Experience has shown us time and again that, of all the elements contributing to effective investigations, investigators consistently dedicate insufficient time and effort in a few critical areas; four to be exact.

 

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Security breach notification and reporting requirements are now in force under Canada’s PIPEDA

Canada’s long-awaited federal private-sector data breach notification and reporting requirements came into force on November 1, 2018.

 

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Compliance training makes the slope a little less slippery

That recent academic research finding that strong internal reporting correlates to better business outcomes is welcome news for corporate compliance professionals, with all sorts of implications for how to run a compliance program smartly.

 

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Deloitte Internal Audit 3.0 has major flaws

Earlier this year, Deloitte published Internal Audit 3.0, The future of Internal Audit is now. It’s great that they are encouraging internal audit departments to change so they can meet modern demands, but their presentation that they are offering something novel and disruptive is way off the mark.

 

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We’re at a tipping point for third-party risk management

If indeed creating a culture of ethics, integrity and respect is the top objective of more than two-thirds of organizations, we could start seeing the results very soon when it comes to a new wave of investing in third-party systems.

 

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