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Inside Internal Controls

News and discussion on implementing risk management

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Common anti-fraud controls ineffective at preventing and detecting fraud

A “typical” business can lose five percent of its revenue to fraud according to a recent global fraud study. And organizations are lucky if they detect the fraud at all. Most businesses find out about fraud from a tip, not from strong internal controls.

 

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Ethics and business conduct

The ethical standards of a company are driven from the top. The ethics policy should be recommended by the president, ratified by the board and rolled out to the company with appropriate explanations and training. Implementing and consistently following a top-down ethics policy—with input from all levels—will help employees, customers, stakeholders and others who interact with the company to understand and relate to the company’s intentions.

 

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BYOD: you’re probably already doing it, but are you doing it smart?

By now, countless businesses have had to address some issue relating to an employee using her or his personal digital device for work purposes (“bring your own device” or BYOD). An employee wants to access the office wireless network on her laptop so she can work while away from her desk; another wants to store and view work documents on his tablet; another just wants to check her work email from her smartphone. These are just a few of the many ways workers are using personal digital devices to perform work-related tasks.

 

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What are you doing about employee fraud?

Some cynical people believe that no organization is free from employee fraud. Even small organizations are hardly immune, despite the trust such employers place in their employees and the controls they have in place. Consider these common misconceptions about employee fraud…

 

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The holiday party – Beware of the embarrassing photograph!

When it comes to holiday parties, it is not unusual for people to let their guard down. Before you know it, there is a video or photograph on YouTube or the social networks of someone at a party dressed in a reindeer costume, mooning the camera, while trying to juggle a shot glass of tequila on their red nose.

 

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Harper Government announces code of conduct expansion to mobile payments

As mobile payments continue to take the economic world by storm, so too do the rules and regulations for such payments in Canada. In September, Ted Menzies, Minister of State, announced that the Code of Conduct for the Credit and Debit Card Industry in Canada will be expanded to include mobile payments. He also released a proposed Addendum to the Code for public consultation at this time.

 

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