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Inside Internal Controls

News and discussion on implementing risk management

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IT, Privacy and Security

European commission releases proposal to regulate crowdfunding

Crowdfunding Service Providers (CSPs) can provide businesses and individuals with a digital platform to reach out to potential investors for funding. Presently, some EU countries have their own national legislation on crowdfunding while others require CSPs to be licensed and operate under EU frameworks.

 

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Are you managing risk or are you managing the organization?

Stop managing risk – manage the business. Stop talking about accepting or managing risk and start talking about taking the right risks through informed and intelligent decisions.

 

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Québec Court of Appeal confirms application of French language requirements for websites

The Quebec Court of Appeal reaffirmed the jurisprudence as to the constitutional validity of provisions requiring the joint or predominant use of French in Québec in respect of commercial advertising, packaging and publications, including websites.

 

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Collective agreement, not software, drives employee entitlements

Organizations must carefully and proactively determine user requirements and document them with great specificity when designing or evaluating software options to manage payroll and benefits within their companies.

 

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Working together works: Ontario Securities Commission approves reduced sanction for insider tipper who cooperated with investigation

The OSC recently approved a settlement agreement in which the respondent admitted to providing material non-public information to a third party. The order in Re Hutchinson, which did not include an administrative penalty or disgorgement of profits, was held to be in the public interest given the respondent’s cooperation and other mitigating factors.

 

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British Columbia proposes significant legislative amendments to “modernize” class proceedings in the province

Proposed amendments to the Class Proceedings Act will 1) switch BC from an “opt in” to an “opt out” jurisdiction and 2) establish a framework for the certification of multi-jurisdictional class proceedings. If enacted, the amendments will have significant consequences for both current and future class proceedings in the province.

 

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BC’s Class Proceedings Act to get a facelift?

The proposed amendments contained in Bill 21 would bring significant change to the class proceedings regime in British Columbia. While these changes would have a number of effects, the most notable of these is that British Columbia would likely be viewed as a more attractive forum for multi-jurisdictional class proceedings especially in light of the fact that it remains to be a “no cost” regime. As a result, the number and size of class proceedings in British Columbia can be expected to increase.

 

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How significant is the risk of fraud?

fraud

The best resource for understanding the level of fraud risk is the Association of Fraud Examiners’ (ACFE) annual Report to the Nations, their global study of occupational fraud and abuse. Their 2018 Report is now available and, as always, shares some useful and important insights. The ACFE analyzed 2,690 cases from January 2016 to October 2017 from around the world (48% from the USA, the rest evenly split among other regions).

 

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Canadian government’s IP strategy seeks to boost innovation, increase IP literacy, and rein-in patent trolls

The intellectual property (IP) strategy, unveiled by the Government of Canada recently, aims to boost Canadian innovation and presence in the global technological market by enhancing IP awareness and savviness, introducing IP education and advice programs, offering strategic IP tools for growth, and implementing legislative amendments. The government plans to invest $83.5 million over five years to help Canadian businesses understand, protect and access IP.

 

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Jim Comey and the practitioner’s dilemma

It is often difficult to make the right decision when facing challenges in an organization. Maintaining integrity, standing your ground and doing what you believe to be right and part of your responsibilities can be difficult and can make you question the decisions you make.

 

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BC passes legislation to modernize International Commercial Arbitration Act

The legislature passed the International Commercial Arbitration Amendment Act on April 12, 2018 with the goal of updating BC’s International Arbitration Act to reflect current international best practices.

 

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$100,000 paid for alleged violations involving text messages under CASL

The case discussed is the latest in a series of enforcement related activity under CASL – see e.g. New CASL Ruling: CRTC Provides Guidance on B2B Messaging and the Due Diligence Defence – and serves as an important reminder that CASL applies to all commercial electronic messages, which clearly includes email, but also text messages.

 

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My cyber confession

Should we give up auditing information security and the management of cyber risk? Not at all. But we should do so with eyes wide open. We should recognize the limitations of our knowledge, tools and techniques and the likelihood that hackers have new techniques that are unknown both to auditors and management.

 

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Improve internal controls over fixed assets (Part 2)

A failure to satisfy proper cut-off, completeness, existence, accuracy and ownership are common problems arising from weak or non-existent fixed asset policies. The overarching approach to satisfying these issues is to design and implement internal controls in proper policies and procedures.

 

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514-BILLETS gets billed by the CRTC for CASL violations

This case reminds organizations that CASL applies to any form of CEM, even text messages, used to promote products and services, and that the CRTC is actively monitoring and responding to complaints involving different types of CEMs.

 

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