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Inside Internal Controls

News and discussion on implementing risk management

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Finance and Accounting

Do risk appetite statements add value?

Whilst the majority of firms had risk appetite statements that were set by the Board and which were supported by relevant metrics, 50% of respondents noted that their risk appetite statements did not link to the firm’s strategy or to the actual underlying risk the firm faced, and did not provide a forward looking view of risk.

 

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Regulations for cannabis edibles, extracts and topicals to take effect in October 2019

On June 14, 2019, the Government of Canada announced its final amendments to the Cannabis Regulations (the “Regulations”), which set the rules for the production and sale of cannabis edibles, extracts and topicals – the three new classes of cannabis products that will be legal for recreational use in Canada later this year.

 

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We need to preserve and protect whistleblowing in this time of challenge

Now more than ever, compliance officers, executive teams and boards of directors must think more about how to support an internal reporter, even at the “mechanical” level of protecting their identity.

 

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The core principles for effective internal auditing

The IIA has published a new Practice Guide (PG), Demonstrating the Core Principles for the Professional Practice of Internal Auditing.

 

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Efficiencies in merger reviews: Competition Bureau issues draft model timing agreement

On July 16, 2019, the Competition Bureau (Bureau) issued a draft model timing agreement for use in the review of unconsummated mergers where the parties intend to rely on the efficiencies defence under section 96 of Canada’s Competition Act (Act).

 

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Failure to [Coin]Launch – Caution for crypto-asset consultants, advisers and service providers

CoinLaunch carried on business as a cryptoasset consultant, offering marketing and promotional services to prospective token issuers.

 

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FSRA targets efficient and streamlined regulation for Ontario credit unions, insurers, pension plans, and mortgage brokers

As previously reported, the Ontario government is moving ahead to support financial regulatory reform including by establishing the Financial Services Regulatory Authority (FSRA), the new Ontario provincial regulator for provincially regulated insurers, credit unions, loan and trust corporations, pension plans, mortgage brokers and certain auto insurance service providers.

 

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An ERM horror story

Does it make sense to aggregate risk levels for a variety of risk sources, including cyber, compliance, credit, liquidity, competitor, and internal control over financial reporting?

 

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Legal considerations in tech lending

With a booking tech industry in Canada, growing technology companies need capital and, as a result, there has been growth in financing tech enterprises.

 

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Government of Canada enacts changes to environmental assessment processes

On June 21, 2019, the federal government of Canada (Canada) passed Bill C-69, new legislation that will materially reform the federal environmental assessment regime in Canada.

 

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The five essential elements of internal controls within accounting teams

Accounting departments need to implement the five essential elements of internal controls within their teams. Like it or not, organizations hold their accounting departments to higher standards when it comes to internal controls.

 

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Cyber and the board

There’s an interesting article in the Harvard Law School Forum on Corporate Governance and Financial Regulation. What the Capital One Hack Means for Boards of Directors has some interesting insights that merit the attention of risk, cyber, audit, and governance practitioners.

 

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FATF issues guidance on virtual assets

FATF issues guidance on virtual assets

 

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Five common mistakes in construction contracts

The construction contract is the main tool that defines a relationship between an owner and its general contractor or construction manager. Any construction contract requires careful thought, negotiation and drafting, because in addition to defining the relationship between the parties, it provides certainty to the project, allocates risk and provides mechanisms to mitigate risks.

 

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Walking the tightrope: Distinguishing substantial compliance from material deficiency in bid documents

Your job is to decide whether any or all of these proposals is capable of acceptance or must be rejected as containing a material defect. You know the basic principles: the difference between Contract A and Contract B, the implied term in Contract A that only a compliant proposal is capable of acceptance, and that the test for compliance is ‘substantial compliance’.

 

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