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Inside Internal Controls

News and discussion on implementing risk management

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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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Canada’s trademark applications for marijuana products and services cause an international stir at the Nice Committee of Experts

The hot topic this year at the 29th session of the Nice Committee of Experts in Geneva stemmed from Canada’s legalization of marijuana and the resulting trademark applications being filed globally containing marijuana and cannabis, as well as their related products and services.

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Are your business decisions failing because they are biased?

Cognitive bias is something that all of us need to understand. It affects our own decisions as well as those our leaders make in running the business.

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The Ontario Court of Appeal determines when it is appropriate to vest out a royalty interest as part of an insolvency proceeding

Ontario’s highest court has created a framework for determining when it is appropriate for courts to approve sales and vest out interests in assets in the context of insolvency proceedings. This has given resource extraction industries and insolvency practitioners some much needed clarity on how to navigate situations when assets subject to encumbrances and other interests are being sold, especially when land subject to a royalty interest is involved.

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Ontario Court of Appeal decides the federal Greenhouse Gas Pollution Pricing Act is constitutional

Today, the Ontario Court of Appeal released its decision confirming that the federal Greenhouse Gas Pollution Pricing Act (the “GGPPA” or the “Act”) is constitutional. This is the second appellate court decision to uphold this Act. The Saskatchewan Court of Appeal concluded the GGPPA is constitutional earlier this year.

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5 practical principles for policy & procedure management

Many failures in business today could be addressed or even prevented with better policy management. Data breaches, workplace accidents, employee misconduct, third-party incidents, customer complaints, and more are often traced to policies that were absent, ineffective, or out of sight, out of mind.

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Federal prompt payment legislation passed

The Federal Prompt Payment Act was first introduced into the House of Commons on April 8, 2019, as part of the larger budget Bill C-97 (Budget Implementation Act, 2019, No. 1).

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A proactive approach to cyber risk management

It is not sufficient to say that cyber risk is high, medium, or low. The leaders of the organization need to be able to figure out what is the right level of resources to allocate to cyber defense and response; what is the right level of attention at board and executive committee level; and what should be communicated to shareholders and others.

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Final amending regulations issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

anti-money laundering

On July 10, 2019, final amending regulations were issued amending each of the existing regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

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CCAA and BIA amendments to come into force November 1, 2019

Bill C-97 including certain proposed amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) received Royal Assent on June 21, 2019.

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CRA announces upcoming changes to the T3010 and T2050, removing political activities

On March 15, 2019, CRA announced that there will be changes to the T3010 Annual Return and the T2050 Application to Register a Charity to account for the recent changes to the political activities rules for Canadian registered charities.

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Objects of registered charities in Canada are sometimes not charitable

Objects are very important and often Canadian charities don’t understand that even though they are a registered charity their objects may not actually be charitable.

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Account changes for registered charities under CHAMP

Canadian charities now have more options for doing certain transactions online using the CHAMP system. Charities should look into accessing their CHAMP account.

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How to assess the effectiveness of risk management

Internal auditors are expected, according to the IIA Standards and some governance codes, to assess the effectiveness of risk management.

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