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Inside Internal Controls

News and discussion on implementing risk management

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Accounting Systems and Controls

Small business corporate tax rate reduction 2018

The government news release announcing the reduction in the small business corporate income tax rate did not address whether there would be corresponding changes to the dividend gross-up or non-eligible dividend tax credit rate.

 

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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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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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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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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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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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Processes to support information technology effectiveness reviews

This blog post reminds organizations that they should take the time to conduct information technology effectiveness reviews, to evaluate and improve the IT department’s role in achieving the organization’s goals.

 

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Two words to transform discussions of risk management: risk to objectives

I have written extensively about the disconnect between risk practitioners and executives when it comes to risk management.

 

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Federal Court of Appeal denies CRA routine access to tax accrual working papers

On March 30, 2017, the Federal Court of Appeal (FCA) released its decision in BP Canada Energy Company v. MNR (2017 FCA 61), dealing with whether the Minister of National Revenue (the Minister) could compel the taxpayer to disclose the uncertain tax positions reflected in its tax accrual working papers (TAWPs).

 

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What does your risk management activity seek to achieve?

It is essential to understand what an organization needs and how critical the management of risk is before settling on a design, let alone trying to implement or upgrade risk management.

 

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Department of Finance releases consultation paper on new retail payments oversight framework

On July 7, 2017, the Department of Finance issued the consultation paper “A New Retail Payments Oversight Framework” (the “Consultation Paper”) proposing a federal oversight framework for retail payments. Comments on the Consultation Paper are due October 6, 2017.

 

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What do audit committees think about risk and audit?

I am encouraged by the latest KPMG report, their 2017 Global Audit Committee Pulse Survey. I am encouraged because KPMG appears to be asking the right questions and getting intelligent answers.

 

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Trusted advisors and world-class internal auditors

I was recently privileged to receive a signed copy of Richard Chambers’ latest book, Trusted Advisors: Key Attributes of Outstanding Internal Auditors. Richard is the President and CEO of The Institute of Internal Auditors, a veteran of internal audit at the highest level, a friend, and an individual with whom I love to debate the practices of internal auditing and risk management. (I hope I am influencing his views on the imminent update of the COSO ERM Framework.)

 

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“Not there yet”: Bank of Canada experiments with blockchain wholesale payment system

The Bank of Canada embarked on Project Jasper to learn more about the feasibility, benefits and challenges of using DLT as the basis for a wholesale interbank payment system. These systems are crucial mechanisms for the financial industry that allow large financial institutions to process payments to each other as well as to and from central banks.

 

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How do we make decisions? Where does ERM fit?

How do you make decisions in your personal life? How do you decide where to live, which car to buy, and where to go for lunch? For many of us, the last is the most difficult decision to make in a day! Consider your current situation and determine whether the decision is acceptable or not in the circumstances. Risk practitioners are often the voice of gloom in the decision-making process, pointing out what could go wrong. Balancing that with the positive outcomes can lead to effective decision-making.

 

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