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Inside Internal Controls

News and discussion on implementing risk management

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Accounting Systems and Controls

Collective agreement, not software, drives employee entitlements

Organizations must carefully and proactively determine user requirements and document them with great specificity when designing or evaluating software options to manage payroll and benefits within their companies.

 

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Improve internal controls over fixed assets (Part 2)

A failure to satisfy proper cut-off, completeness, existence, accuracy and ownership are common problems arising from weak or non-existent fixed asset policies. The overarching approach to satisfying these issues is to design and implement internal controls in proper policies and procedures.

 

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Canadian Securities Administrators provide update on projects aimed at reducing regulatory burden on issuers in the areas of prospectus filings and continuous disclosure

The Staff Notice 51-353 – Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers reports on a consultation paper that the CSA issued last year and summarizes comments received in response to the consultation paper, The Staff Notice identifies six options for initial policy projects to be undertaken by the CSA in the near term.

 

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Online advisors: Stand-alone investment managers or tools for portfolio managers?

Online advisors are digital wealth managers. They use information that an investor provides, usually through an online questionnaire, in order to create an investment recommendation.

 

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Don’t forget to audit controls!

It’s best to have management detect issues and for audit to assess whether those detective controls are adequate.

 

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Improve internal controls over fixed assets (Part 1)

Many organizations face challenges with recording and physically safeguarding fixed assets. Organizations must also meet disclosure and other requirements when they prepare audited or other financial statements, corporate tax returns (applicable to for-profit organizations) and T3010 Registered Charity Information Returns (applicable to charitable organizations). Accounting processes and procedures must facilitate these activities.

 

An idea to help drive effective risk management

We want all decision-makers to consider all the potential consequences of their decision (in fact, all the potential consequences for each option on the table) before making an informed and intelligent judgment. What if the quality of decision-making was a significant factor in assessing performance? Thus affecting compensation and career progression. This idea could help drive effective risk management.

 

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Canada’s oldest stock exchange enters cryptocurrency market

TMX Group Ltd., which owns the 166 year-old Toronto Stock Exchange, announced on March 22, 2018 that it would launch a cryptocurrency platform and thereby enter the burgeoning market for virtual currencies.

 

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Is the goal of risk governance taking boards in the wrong direction?

The board is discharging its responsibilities to ensure stakeholders get the performance they should: value creation as well as (and not just) value protection. The board should make sure the management team is effective in running the organization, and that is not done by focusing on a list of harms. Effective governance of an organization is limited if the board focuses on risks.

 

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The updated ISO risk management standard merits our attention

Neither the ISO nor the COSO updates will, in my opinion, move the understanding and practice of ‘risk management’ to where they need to be. The updates are small steps when leaps were required.

 

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A step-by-step guide to creating a cybersecurity plan

The first step is easily accomplished by reviewing a few definitions. The second step is trickier. The third step may involve a lot of work, but you can start with six straightforward steps.

 

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One objective but multiple risks

Some organizations and consultants are wedded to the idea that the level of risk can be quantified and calculated as the magnitude of a potential effect (or consequence) multiplied by its likelihood.

 

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Canadian government publishes consultation paper proposing wide-ranging amendments to anti-money laundering legislation

Amendments might be coming to anti-money laundering legislation. The Canadian government recently published a consultation paper with proposals for wide-ranging amendments. On February 7, 2018, the Canadian federal government released a consultation paper for comments that has far-reaching implications for compliance with Canadian anti-money laundering requirements. The comment period on this paper ends on April […]

 

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Artificial intelligence: The year in review

The regulatory landscape impacting AI continues to evolve both domestically and abroad. As we begin the new year, we pause to reflect on some of 2017’s most notable developments in AI and prepare for new trends to watch out for in 2018.

 

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Whistleblower protection: Employers need to create a speak-up environment

It is incumbent on Canadian employers to take whatever steps they can to implement systems that would allow whistleblowers to step forward without fear, and speak-up without punishment.

 

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