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Inside Internal Controls

News and discussion on implementing risk management

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Financial Compliance / Planning / Management

It’s almost year end; avoid cut-off errors

Cut-off errors are common and it is important that you avoid them, particularly at year end when one fiscal year will be closed and finalized for the external audit or as a precursor to starting the new fiscal year.

 

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The basics of risk management

I want to congratulate David Hillson (a.k.a. the Risk Doctor) for his video explaining his view of risk management basics. In Risk management basics: What exactly is it?, he takes less than five minutes to sum up risk management with six questions:

 

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Ontario court declines to order franchisees to pay royalties

In a recent Ontario case, the Justice was faced with a claim by a franchisor against seven of its 11 franchisees who had ceased paying royalties and marketing fund contributions to their franchisor.

 

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Mistakes to avoid in conducting effective workplace investigations

Experience has shown us time and again that, of all the elements contributing to effective investigations, investigators consistently dedicate insufficient time and effort in a few critical areas; four to be exact.

 

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Talking about risk and opportunity

Some talk about opportunity as “the other side of the coin” from risk. COSO views the two words, risk and opportunity, as one is good and the other is bad. ISO seems them differently, defining risk as the effect on objectives. That effect could be positive or harmful.

 

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SEC investigates cyber-related frauds

On October 16th, the US Securities and Exchange Commission published Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934 Regarding Certain Cyber-Related Frauds Perpetrated Against Public Companies and Related Internal Accounting Controls Requirements.

 

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Bitcoin and cryptocurrency litigation

Bitcoin and other cryptocurrencies are gaining more attention as days pass. Aside from the advantages that cryptocurrencies have like anonymity and easy international transactions, people are enticed by the fact that it can become a good investment.

 

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Back to square one? Ontario government winds down cap and trade program and overhauls approach to climate change

On July 25, 2018, the newly formed Ontario Government introduced Bill 4, the Cap and Trade Cancellation Act, 2018 (the “new Act”), which repeals the Climate Change Mitigation and Low-carbon Economy Act, 2016 (the “old Act”) and provides for the wind-down of the province’s cap and trade program[1]. The new Act also sets out a renewed approach to climate change policy.

 

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Amendments to Canadian private placement reporting requirements come into force

This bulletin highlights some important aspects of the recent amendments (the “Amendments”) to National Instrument 45-106 – Prospectus Exemptions, its related companion policy and Form 45-106F1 (the “Report”), as they relate to reporting sales of securities in Canada under private placement prospectus exemptions. The Amendments came into force on October 5, 2018.

 

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Uniting risk management with strategic planning

Who can argue that the consideration of what might happen (what some refer to as risk) should be part of the strategic planning process? Objectives and strategies should be set only after thinking carefully about where you are, what is happening around you, and what may happen in the future.

 

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Emerging risks: who is watching?

Who should be alert and watching for emerging risks: things that might happen (a better expression than the ‘R’ word, ‘risk’, because of its negative impression) that might affect the achievement of enterprise objectives?

 

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Canada moves forward with a remediation agreement regime

It is likely that many organizations will choose to enter into a remediation agreement with the hope of obtaining a stay of the charges and avoiding the risk of a lengthy prosecution and subsequent criminal conviction.

 

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TCC Clarifies child care expenses in Kwan

Kids are expensive. There’s no doubt about that. The Canadian government provides a small subsidy by allowing a limited amount of child care expenses to be deducted from income taxes.

 

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Good decisions take time and more

Do risk, governance, and audit practitioners consider the problem of decisions where insufficient time was taken to obtain the necessary information, consult with all affected parties, and THINK about the options?

 

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Why are SOX compliance costs increasing so much?

From a recent survey by Protiviti, the information on how many organizations had to issue a cyber-security disclosure is interesting. Apparently, this generally resulted in an increase on SOX compliance hours – although the reason for a significant increase is not clear.

 

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