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Inside Internal Controls

News and discussion on implementing risk management

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Financial Compliance / Planning / Management

The ISACA has traded in COBIT 5 for COBIT 2019 (Part 1 of 3)

The ISACA has traded in the 7-year-old COBIT 5 for COBIT 2019. This 3-part article explains COBIT 2019, based on published ISACA guidance.

 

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Redwater – SCC delivers the final word

On February 1, 2019, the Supreme Court of Canada (SCC) released its highly anticipated decision in the Orphan Well Association, et al. v. Grant Thornton Limited, et al, 2019 SCC 5 (Redwater).

 

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Tech takes the wheel: Preparing Canada’s insurance sector for autonomous vehicles

A new report by the Insurance Bureau of Canada (IBC), representing Canada’s private property and casualty insurers, argues that fully automated vehicles – the advent of which could begin as early as 2020 – present new risks to the Canadian auto insurance sector and its stakeholders.

 

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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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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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