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Inside Internal Controls

News and discussion on implementing risk management

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Accounting Systems and Controls

New guidance for risk committees

A new publication by the Risk Coalition (a group of organizations in the UK that includes their Institute of Directors, a couple of risk management associations, and the organizations for internal and external auditors) merits our attention. Raising the Bar: Principles-based guidance for board risk committees and risk functions in the UK Financial Services Sector has some interesting content. For example, it says:

 

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Advisory committee on open banking releases report on consumer-directed finance

On January 31, 2020, the Advisory Committee on Open Banking (the “Committee”) issued its first report (the “Report”) in connection with the Department of Finance Canada’s (“Finance Canada”) consultation process on open banking.

 

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Silos are thriving even in ERM programs

You are the captain of a ship that is sailing from Singapore to Auckland with a cargo that needs to be kept cold and will lose its freshness if you don’t arrive within a few days of your schedule.

 

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The essentials of anti-bribery and anti-corruption compliance programs

Organizations at risk of anti-bribery and anti-corruption (ABAC) violations should implement risk-based ABAC compliance programs.

 

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‘Green’ governance: CSA outlines expectations regarding governance disclosure and practices in the cannabis sector

Regulatory and legal risks abound in developing business areas, such as the recently legalized cannabis industry in Canada. One of the key challenges for industry participants that are reporting issuers relates to meeting disclosure obligations.

 

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Insolvency amendments now in force under the BIA and CCAA

Extensive amendments to the Bankruptcy and Insolvency Act and Companies’ Creditors Arrangement Act coming into force on November 1, 2019 through Bill C-97 will have a significant effect on certain aspects of insolvency proceedings commenced after that date.

 

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Not-for-profits should leverage information technology, safely

Not-for-profits have numerous opportunities to leverage information technology (IT), from social media to cloud computing and beyond.

 

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Common sense talk about risk heat maps and more

Only when the business impact is understood does it make sense to get into the details of which risks to which information assets should be mitigated and how.

 

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Transfer pricing: What’s new in Canada (Part I)

Since 2012, there have been unprecedented developments in Canada and globally in the area of international tax. The sheer volume and complexity of these developments make it difficult for Canadian corporations to keep up on what changes actually impact transfer pricing.

 

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Ways to maintain proper books and records

A recent Tax Court of Canada (“TCC”) decision, Promised Land Ministries v. The Queen[1], serves as a reminder to charities of the importance of maintaining proper books and records.

 

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Ten tips to a better month-end close

A better month-end close is possible. Like clockwork, a calendar month ends and in honour of this unchangeable fact, you must update the general ledger and prepare financial statements and management reports. The practical tips below can reduce stress, shorten the month-end cycle, increase accuracy and otherwise improve month-ends:

 

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New B.C. Business Corporations Act transparency register requirements: A primer

Beginning on a date to be announced, privately-held B.C. Business Corporations Act (“BCA”) companies ‎will be required to maintain a “transparency register” of “significant individuals”, being individuals who:‎

 

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The five essential elements of internal controls within accounting teams

Accounting departments need to implement the five essential elements of internal controls within their teams. Like it or not, organizations hold their accounting departments to higher standards when it comes to internal controls.

 

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FATF issues guidance on virtual assets

FATF issues guidance on virtual assets

 

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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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