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Inside Internal Controls

News and discussion on implementing risk management

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CICA

Enhancing quality and correcting the threat of intimidation in reporting obligations

To start the year with a challenge, perhaps consider this as one of your organization’s new year’s resolutions, addressing or correcting the threat of intimidation within reporting obligations inside your organization. What am I talking about? To illustrate,

 

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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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IFRS transitioners take note!

The Ontario Securities Commission has reviewed many Ontario issuers’ International Financial Reporting Standards financial reports and found them lacking in key respects. Based on first quarter 2011 IFRS filings, the OSC found three main deficiencies…

 

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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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A broader view of workplace diversity

Workplace diversity efforts often focus on employees’ gender, race and ability. The Canadian Institute of Chartered Accountants wants to broaden employers’ horizons and help them see the larger picture of diversity. “The concept of diversity encompasses factors including age, culture, personality, skill, training, educational background and life experience. The influence of a variety of perspectives and viewpoints can contribute to flexibility and creativity within organizations, which can help them thrive in a complex and competitive global economy.”

Is she suggesting organizations hire unskilled and inexperienced workers with poor personalities? Probably not.

 

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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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Are spreadsheets part of your IFRS conversion plan?

I bet more than a few of our readers use spreadsheets in their accounting, payroll and HR processes. You might even be thinking of (or currently) using them in your efforts to convert from GAAP to IFRS. And why wouldn’t you? The CICA says, “Spreadsheets are dynamic tools that can provide a wide variety of functionality at minimal cost. Consequently, in an environment of stringent deadlines and temporary data processing needs, they are used to fill the gaps in functionality within the computing environment”. But there are risks…

 

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