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By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 2 Minutes Read January 9, 2019

Internal audit is your third line of defense

Internal Audit

In a perfect world, internal controls would be 100% effective once implemented. In reality, organizations needs multiple lines of defense or barriers to guard against the risk that they will not achieve their objectives. The internal audit function is the last of three lines of defense recommended by the Institute of Internal Auditors (IIA) in its Three Lines of Defense Model.  

As a precursor to the three lines of defense, boards govern and determine strategy. Senior management operationalizes the strategy and selects, develops and evaluates internal controls, with board oversight.

Against this backdrop, operational management is the first line of defense. It supervises and manages operations to ensure compliance with risk and internal control systems. Risk and compliance functions are the second line of defense, monitoring the adequacy and effectiveness of internal controls, reporting, compliance, and remediation of deficiencies. Both lines are accountable to senior management.

The third and … Continue reading “Internal audit is your third line of defense”

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Business, Finance and Accounting / Apolone Gentles, compliance, control, governance, risk, The IIA, The Institute of Internal Auditors, The Three Lines of Defense Model

By Christina Catenacci, BA, LLB, LLM, PhD | 2 Minutes Read October 28, 2011

Case clarifies what is meant by ‘common employer’

The Ontario Superior Court of Justice recently decided that an employee was wrongfully dismissed and entitled to $20,363 in damages. The problem was that the damage award was made against two companies that were no longer in operation and without assets to pay the judgment. A related company that did have assets to pay the award was found not to be a common employer and was thus not liable.

Article by Christina Catenacci, BA, LLB, LLM, PhD / Employment Standards / common employer, common employers, connection between the employee and the owner, control, damage award, employment law, holding company, ontario, ownership and connection between interconnecting companies, related companies, termination, wrongful dismissal

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