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Inside Internal Controls

News and discussion on implementing risk management

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Managing risk when the board is over-confident

When we talk about confidence in managing risks, we’re really talking about confidence in the effectiveness of your risk management program — and apparently, we have a systemic disconnect between the board and management about that issue.


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Internal audit needs to perform in a way that matters to the board and top management

Internal audit can help leaders with assurance that their people, systems, and processes are able to deliver the desired results – and advice and insight on how to improve them further.


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Good decisions take time and more

Do risk, governance, and audit practitioners consider the problem of decisions where insufficient time was taken to obtain the necessary information, consult with all affected parties, and THINK about the options?


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Charity checklist: What to do if your charity is audited

The best defence against negative audit consequences is proactive compliance with the Income Tax Act. Charities should take care to familiarize themselves with the rules in the Act and ensure that they demonstrate compliance with these rules.


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Payroll’s impact in the accounting cycle

From an accounting perspective, payroll is straightforward — or at least that is what some accountants and auditors think!


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Reading the tea leaves: Understanding the conditions which charities will face in the upcoming year

Despite the fact that predicting the future is usually a job for soothsayers and readers of tea leaves, we nevertheless take the opportunity of the new year to try and understand the conditions which charities will face in the upcoming year.


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Why should I monitor IT effectiveness and how do I do it?

The two definitive studies by COSO identify monitoring as a critical component of internal control and risk management. Monitoring refers to both ongoing monitoring processes to ensure that a system functions as it is supposed to (including management and review aspects), as well as ad hoc special studies and audits to review the system…


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