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Inside Internal Controls

News and discussion on implementing risk management

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Canadian Institute of Chartered Accountants

How does your organization assess the effectiveness of internal audits?

Typically, the stewardship responsibilities of a board of directors include the identification of an organization’s principal risks, the implementation of systems to manage them, and the integrity of internal control and management information systems. Typically, an internal audit function plays a key role in assessing and reporting on these areas.

 

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Where to obtain IFRS for SMEs materials

In case your 2010 year-end tasks haven’t flowed over into the new year, you might want to know where to find relevant International Financial Reporting Standards (IFRS) documents. Remember, public enterprises must make the change from their current practices to IFRS by January 1, 2011. Private organizations that choose to adopt IFRS must switch by 2012.

 

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International Financial Reporting Standards – it’s all about the details

At the end of September, the International Financial Reporting Standards Foundation released an update to its Guide through International Financial Reporting Standards.

 

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Another take on IT strategy

In a recent issue of Inside Internal Control, I discussed a report on why small and medium-sized businesses should take information technology strategy and planning seriously. Essentially, according to the Canadian Institute of Chartered Accountants, if you don’t strategize your IT, you’re probably wasting time and money just keeping up, when you could be using your resources to support your strategic business plan.

Well, I hope you didn’t rush away after reading that piece and create and implement an IT strategy…

 

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Governance planning vs. governance plans

Contrary to popular wisdom, lawyer Ronald A. Pink says that planning is not always in an organization’s best interest. Now let me give you some context…

 

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