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Inside Internal Controls

News and discussion on implementing risk management

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Corporate Administration

A warning on “meaningful” compliance with FTC orders

Compliance professionals — we need to talk about the Federal Trade Commission. The folks there are unhappy with the quality of your work.

 

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A management risk committee

A question from a follower of this blog on the same topic, had me searching for the charter of the risk committee I established, with the strong support of the CEO, at Business Objects.

 

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Focusing board attention on management

Rather than trying to make sure themselves that everything is right, the board should focus its limited time on gaining comfort that it has the right management team in place, a team capable of getting things right.

 

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The positive side of risk

So how should we talk about the good stuff if we reserve the word ‘risk’ for the bad?

 

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New 2019 Competition Act and Investment Canada Act merger review thresholds

Certain types of transactions that exceed prescribed thresholds require pre-merger notification under Canada’s Competition Act. Such transactions cannot be completed until notice has been given to the Commissioner of Competition and the statutory waiting period has expired or, alternatively, has been terminated early or waived by the Commissioner. One of these thresholds, the transaction-size threshold, is subject to an annual index adjustment.

 

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Redwater – SCC delivers the final word

On February 1, 2019, the Supreme Court of Canada (SCC) released its highly anticipated decision in the Orphan Well Association, et al. v. Grant Thornton Limited, et al, 2019 SCC 5 (Redwater).

 

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OSC seeks to reduce regulatory burden in step with Ontario Red Tape Initiative

The Ontario Securities Commission announced on January 14, 2019, that its Burden Reduction Task Force, in coordination with the Ministry of Finance, has undertaken to lessen regulatory burdens and enhance competitiveness for Ontario businesses.

 

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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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