Board members and senior management are quite familiar with compliance requirements for CEO and CFOs certification and the importance of maintaining strong internal controls over financial results. The certification process extends to internal controls over income taxes balances in the financial statements. For the majority of companies with a well-staffed tax department, monitoring controls remain the strongest control and most frequently used. Senior management is however, frequently unaware of the potentially material risk associated with tax plans implemented in the past; undergoing an annual TPIR assists in mitigating this risk to a manageable level.
Businesses know as well as people how quickly a new year can arrive—along with the new obligations that go along with it. In this case, I'm talking about the Accessibility for Ontarians with Disabilities Act and multi-year accessibility plans to meet the requirements of the Integrated Accessibility Standards Regulation. Large organizations—those with 50 or more employees—must comply by 2014.
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