2008
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Enterprise Risk [Tapestry Networks / Ernst & Young]
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1 min read
The Southeast Audit Committee Network first spoke about enterprise risk in October 2005. Some things have changed: the primary source of contention is no longer, as VantagePoint noted then, “finding the best logical home for ERM efforts, be it the audit committee, the full board, or some other committee, such as governance or a special…
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As directors are increasingly aware, over the past several weeks, the U.S. Securities and Exchange Commission (SEC) has taken initial steps that could begin the process of moving U.S. companies away from reporting financial information in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and toward the use of IFRS. On August 27, 2008,…
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Dans le monde entier, de nombreuses sociétés subissent le contrecoup de la conjoncture économique actuelle et des conditions difficiles qui prévalent sur le marché du crédit, sans avoir su prédire les incidences s’y rattachant, incidences auxquelles elles étaient d’ailleurs fort mal préparées. «Bien des fausses rumeurs prétendent que les sociétés canadiennes ne sont pas touchées»,…
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Because independent attestation of the effectiveness of internal controls can provide increased insight into a company, the perception of reduced personal liability, and the addition of a productive source of tension, members of the Canadian Audit Committee Network recommended it on a voluntary basis for Canadian companies that are not subject to mandatory attestation. The…
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Companies around the world are being impacted by current economic and credit market conditions in ways they did not predict and for which they are largely unprepared. “We hear a lot of false stories about how we’re not affected because we’re Canadian,” one audit chair remarked, but members report the contrary. They are being challenged…
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Given the increasing volatility in the financial markets and the staggering sums now sought by plaintiffs, audit committees must be more committed than ever to diligent oversight and planning for litigation risks to ensure the company’s future well-being. The audit committee has abundant internal and external resources available to it and must make sure it…
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Driving Maximum Value From the Audit and the External Auditor [Tapestry Networks and Ernst & Young]
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1 min read
Members want an open, trusting relationship and a way to sustain that trust and candor over time. Accounting firms also want a good relationship, but want to be sure they can fulfill their statutory obligation to maintain independence. Audit committee chairs face a growing number of challenges in their relationship with the external auditor, but…
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Les membres désirent établir une relation ouverte basée sur la confiance et trouver un moyen de cultiver cette confiance et cette franchise au fil du temps. Les cabinets d’experts-comptables veulent également développer de bonnes relations, tout en s’assurant qu’ils peuvent satisfaire à leurs obligations réglementaires en matière d’indépendance. Les relations avec le vérificateur externe posent…
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As the economy enters into a period of potential slowdown, IT spending may not increase as much as it has in the past, but even so, technology market research consultancies predict growth in spending in the 4–6% range. The IT function is clearly of continuing importance. It brings with it many advantages – lower costs,…
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During research for the November 2007 issue of InSights, it became clear that there is a high level of interest in the governance of sustainability on both sides of the Atlantic. Members of both networks are interested in what emerging best practice looks like on their own side of the ocean and on the other…