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Inside Internal Controls

News and discussion on implementing risk management

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Impact of COVID-19 on existing credit facilities

Access to existing debt facilities is one of the many potential impacts of the COVID-19 pandemic on the operations and financial health of organizations worldwide. In this article, we identify certain key risks and issues, along with pragmatic and legal steps that organizations can take to address their existing credit relationships and navigate through this difficult period.

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Annual general meetings during the COVID-19 pandemic

Many not-for-profit corporations (NFPs) hold their annual general meetings (AGMs) in the Spring. With a number of provinces issuing directives and advisories relating to the COVID-19 pandemic, including with respect to meeting sizes and venues, a number of NFPs are considering their options with respect to their Spring AGMs.

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Corona Virus/COVID-19 charity issues – cancelling events, refunds and the possibility of a charitable donation

The COVID-19 crisis is affecting charities in numerous ways. In this short note, we will discuss cancelling events and refunding money or attempting to turn that into a potential charitable donation.

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COVID-19: key issues every organization should consider

Competition law

The COVID-19 pandemic raises critical and unprecedented issues for all organizations. How an enterprise responds to these challenges will influence how it fares through the crisis and its positioning for recovery afterwards. We believe that the issues below warrant special attention by senior management and directors.

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CRA Charities Directorate announces extension of T3010 filing deadlines till December 31, 2020 in response to COVID-19

As part of government actions taken in dealing with the effects of the COVID-19 pandemic, the Charities Directorate is extending the filing deadline to December 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020.

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Toronto exercises bylaw exemption to permit 24/7 inventory deliveries in response to COVID-19

In an effort to ensure that essential goods remain in stock, and in the wake of successive waves of panic buying that have left many retailers with significantly depleted inventory levels, the City of Toronto has exempted retail businesses from the usual application of its noise bylaws. In doing so, the City paved the way for retailers to accept deliveries 24-hours a day as of Monday, March 16, and continuing until further notice.

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New ERM Guidance from COSO

Creating and Protecting Value: Understanding and Implementing Enterprise Risk Management is based on COSO’s 2017 update of its 2004 ERM Framework. Their intent is to explain how effective ERM can add value to an organization, and to give some guidance on how to implement or upgrade it.

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COVID-19 Considerations from our bankruptcy & restructuring experts

Because of the speed with which the recent adverse circumstances have developed, businesses that may have otherwise been able to adapt may not have had an opportunity to do any meaningful contingency planning.

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COVID-19 – Managing privacy and cyber issues

Privacy laws require that personal information is at all times protected by appropriate security safeguards, and this requirement will continue to apply in connection with COVID-19 work-from-home arrangements

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Liability for artificial intelligence — Why Canadian businesses should pay attention to recent developments in Europe

Late last year, the European Commission’s Expert Group on Liability and New Technologies – New Technologies Formation (NTF) released a report on Liability for Artificial Intelligence. The report focuses on liability regimes across European Union (EU) member states and offers high-level recommendations on how those liability regimes can be adapted to meet challenges posed by artificial intelligence (AI) and other digital technologies.

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Contractual rights and obligations in the context of COVID-19

Learn why you need to review your contracts and advocacy practices with Not-for-Profit PolicyPro

The significant disruption caused by the global COVID-19 pandemic brings threats to stable contractual relations and the economic expectations that come with them. Here are pragmatic and legal next steps that organizations can take.

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Defamation, the Protection of Public Participation Act and strategic lawsuits against public participation

On March 25, 2019, the Protection of Public Participation Act (the “PPPA”) was assented to bringing into force legislation aimed at combating strategy lawsuits against public participation (SLAPPs).

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Whistleblower hotlines decrease the cost & duration of corporate fraud schemes

fraud

The Association of Certified Fraud Examiner’s (ACFE) biennial Report to the Nations consistently provides a detailed, and visually engaging, representation of the impact organizational fraud has on our organizations. Its tenth edition, released this year, is no different. In the report, we get a broad understanding of fraud ranging from the methods in which it is committed, to the characteristics of victimized organizations, to the impact of various types of schemes.

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Health Canada proposes restrictions on the promotion of vaping products under the Tobacco and Vaping Product Act

Health Canada has proposed new regulations that would place stricter limits on the advertising and promotion of vaping products and make health warnings on vaping products mandatory. According to Health Canada, the proposed Vaping Products Promotion Regulations (the Proposed Regulations) under the Tobacco and Vaping Products Act (TVPA) are a stated effort to mitigate the impact of vaping product promotion on young persons and non-users of nicotine containing products.

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Boasting about internal audit value

Richard Chambers, President and CEO of the global Institute of Internal Auditors, is a friend whose leadership at the IIA and of internal audit practices I value and respect. Recently, he wrote a blog, One Mistake Internal Audit Cannot Afford to Make in 2020.

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