First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

Accounting Systems and Controls

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.

 

, , , , , , ,

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:

 

, , , , , ,

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:‎

 

, , , , , ,

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.

 

, , , , , , ,

FATF issues guidance on virtual assets

FATF issues guidance on virtual assets

 

, , , , ,

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.

 

, , , ,

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).

 

, , ,

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.

 

, , , , , ,

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.

 

, , ,

Revenue cycle risks and controls: Essential questions you should ask about your company’s sales and receivables

The importance of finance and accounting controls goes far beyond complying with legal requirements. In fact, revenue cycle controls are perhaps the most important component of an organization’s overall internal control framework! Not only are revenue cycle controls an organization’s strongest defense against fraud and loss, they help ensure that decisions are made based on […]

 

Elevating internal audit’s role

For many years, PwC has shared with us their view of the State of the Internal Audit Profession. They have some useful words, but it is mixed in with an agenda with which I don’t totally agree. I will come to that later. But first, the good stuff:

 

, , , ,

Insight into effective risk management

I need to draw your attention to a provocative piece by his firm (presumably by him): The risks of risk management. (My thanks go to Tim Leech for tweeting about it.)

 

, , , , ,

Financial Stability Board delivers report on financial stability implications of decentralised financial technologies

On June 6, 2019, the Financial Stability Board (the “FSB”), an international body that coordinates the work of national financial authorities, published a report on “Decentralised financial technologies” in response to a request by the Japanese presidency of the G20.

 

, , , , , , ,

CEOs are not idiots when it comes to risk management

If you consider the small number of organizations where risk management is considered as providing a strategic advantage, one of these alternatives must be true:

 

, , , ,

Payments Canada proposes new rule for debit payments

Payments Canada recently announced a proposal for a new rule (the Proposed Rule) aimed at increasing the availability of point-of-service (POS) debit card acceptance in Canada. The underlying goal of the Proposed Rule is the transition towards digital payments and decreasing reliance on cash transactions.

 

, , ,

Previous Posts