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Inside Internal Controls

News and discussion on implementing risk management

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Financial Compliance / Planning / Management

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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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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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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Do record keeping time limits mean anything anymore?

One of the most common questions asked by the lay taxpayer is for how long they need to keep their tax records. And while there is a legislated answer for this, one wonders whether it is ever safe to destroy records.

 

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Standing Committee on Finance releases recommendations on Canada’s anti-money laundering and anti-terrorist financing regime

anti-money laundering

Recently, the House of Common’s Standing Committee on Finance released its report titled, “Confronting Money Laundering and Terrorist Financing: Moving Canada Forward” (the “Report”). The Report was released pursuant to the Standing Committee’s mandate under Standing Order 108(2), which directed the Committee to study the Proceeds of Crime (Money Laundering) and Terrorist Financing Act1 (“PCMLTFA”) and was […]

 

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CPTPP implemented in Canada: What you need to know

In this international trade brief, we discuss the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and why this international trade arrangement presents yet another immense opportunity and challenge for Canadian businesses.

 

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Supreme Court of Canada rules in favour of lenders in Callidus

In a 2017 judgment discussed here, the Federal Court of Appeal permitted the CRA to assert a claim against a secured creditor who had received a repayment from its borrower prior to bankruptcy when the borrower also owed unremitted GST obligations to the Crown.

 

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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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