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Inside Internal Controls

News and discussion on implementing risk management

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Finance and Accounting

Government of Ontario issues consultation paper on alternative financial services

The Consultation Paper is one of a series of consultation papers issued by the Government of Ontario following the enactment of Bill C-59, which amended the Consumer Protection Act, 2002 and which addressed various items including payday loans and debt collection.

 

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A conversation about risk with a CEO

Leaving the word “risk” out of a risk discussion with an executive can prove to be a positive way forward when asking what can go right for a project rather than what might go wrong.

 

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What HR needs to know about investigating an employee’s digital activity

You’ve been asked to review the digital activity of an employee. Your company has some concerns, and wants you to investigate. With the amount of enterprise-level technology and controls that most companies now have, shouldn’t that be fairly straightforward?

 

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Wells Fargo and KPMG – did KPMG fail the investors?

My friend Francine McKenna recently had a piece (she is co-author) published by MarketWatch: Where was KPMG, Wells Fargo’s auditor, while the funny business was going on? It is scathing in its discussion of the role played by KPMG.

 

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New proposals on the taxation of private corporations can result in double taxation

This article discusses the new proposals on the taxation of private corporations that will prevent some normal post death tax planning aimed at preventing double taxation of the same economic gain.

 

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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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Owners of private corporations – be aware

On July 18, 2017, the Department of Finance released its much-anticipated consultation paper, “Tax Planning Using Private Corporations”, announced in the 2017 federal budget (the “consultation paper”). The consultation paper, along with the draft legislation released therewith, contain a number of fundamental changes to the taxation of private corporations and family trusts.

 

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Linking risk management to results

The value that is created by an effective risk management is the confidence of the board and decision-makers in the information they use to make decisions.

 

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Overtime and Oxford Commas: The $10M punctuation mark

Drafting any kind of contract requires a careful consideration of both wording and punctuation. Unions should ensure that their collective agreements are unambiguous and watertight.

 

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Don’t encourage employees to speak up if you’re not ready to listen

Competition law

Take a moment to think through your incident intake process. Is there a light at the end of the tunnel for employee reporters? Can they tell that you’re listening and responding? If not, it’s time to show employees that you’re as invested in a listen-up culture as you are in creating a speak-up culture.

 

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Six principles for effective risk management

In World-Class Risk Management, I review the eleven principles in the ISO 31000:2009 global risk management standard and condense them to just six.

 

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Investigator plus lawyer = privilege?

There may be times when it makes sense to try and establish a solicitor-client relationship with an external investigator, and these tips will help you do this effectively. However, in other cases where this is not what you require, recognize that the process your investigator follows may be open to scrutiny.

 

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Update from the Canadian Securities Administrators on its Regulatory Sandbox for Fintechs

The week of June 26, the Canadian Securities Administrators (CSA) published some additional information on its CSA Regulatory Sandbox. The CSA Regulatory Sandbox, which was first launched on February 23, 2017, is an initiative of the CSA, designed to support Fintech businesses seeking to offer innovative products, services and applications in Canada.

 

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Canada’s anti-spam law is hurting MSPs

The Canadian Government wants to cut down on the number of spam people receive. This is a good thing, right? However, the way they’ve gone about doing this is hurting businesses.

 

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PwC confuses boards on risk oversight

The report from PwC has a useful discussion about whether the organization’s disclosures about risk are complete and sufficient to satisfy investors.

 

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