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Inside Internal Controls

News and discussion on implementing risk management

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Finance and Accounting

New Employer Health Tax comes into force

British Columbia’s new Employer Health Tax came into force on January 1, 2019. The Employer Health Tax is an annual payroll tax payable by British Columbia employers.

 

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Builders liens: The consequences of less than strict compliance

It is often difficult to calculate the running of the 45-day time limit in which builders liens have to be filed since a number of factors can trigger or extend that limit

 

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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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Cy-près distributions: Uses and controversies

Cy-près distributions disburse settlement funds or damages awards to charities or other public interest organizations in circumstances where it is impractical to distribute the funds to class members.

 

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Certain provisions of the act to facilitate oversight of public bodies’ contracts and to establish the autorité des marchés publics to take effect

Following an inquiry into the contracting process in Quebec, the provincial government introduced Bill 108, the Act to facilitate oversight of public bodies’ contracts and to establish the Autorité des marchés publics based on the Commission’s recommendation.

 

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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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Mixed results in British Columbia white collar enforcement proceedings

Two high-profile cases in late 2018 demonstrate both the potentially grave consequences of securities law violations and the difficulties prosecutors face in securing convictions for white collar crime.

 

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Transforming risk management in 2019 and beyond

The consideration of risk is integrated into the setting and then the execution of strategies through daily decisions.

 

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Department of Finance Canada issues consultation paper on open banking

On January 11, 2019, the Department of Finance Canada released a consultation paper seeking the views of Canadians on the potential benefits and risks of an open banking system.

 

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Individual defendant receives three-year sentence for Canadian corruption conviction

On December 17th, 2018, Quebec’s Superior Court of Justice sentenced Yanaï Elbaz, a former senior manager of the McGill University Health Centre (MUHC), to a three-year prison term for his involvement in a bribery scheme in which SNC-Lavalin secured a $1.3 billion contract to build MUHC.

 

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Canadian patent law: 2018 year in review

There were various developments in Canadian patent law in 2018. Numerous decisions of the Federal Court of Appeal and Federal Court will have a notable impact on patent law in Canada going forward.

 

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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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Ontario Court of Appeal applies foreign law, dismisses cross-border class action

On December 21, 2018, the Ontario Court of Appeal released its decision in Das v George Weston Limited (“Das”), a proposed class action relating to the collapse of an industrial building in Bangladesh.

 

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Notice-and-notice regime in Canada: Don’t include a settlement offer in your copyright infringement notice

Under the “Notice-and-Notice” regime, copyright owners may send a written notice to any Canadian they suspect of infringing their copyright through an internet service provider or host.

 

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