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Heightened focus on governance and the need for transparency with stakeholders has highlighted the growing importance of establishing and maintaining an effective system of internal controls to adequately safeguard assets, improve reliability of financial reporting and support compliance with applicable laws and regulations. This includes having a mechanism in place that provides independent assurance that your internal control systems are mitigating risk and highlights opportunities to improve operations and optimize performance through an effective internal audit function.
Our internal audit professionals will work with you to develop an appropriate system of internal controls to address your key business risks. We create tailored, cost-effective internal audit solutions to help you achieve effective corporate governance and provide senior management with timely and reliable business intelligence.
An effective internal audit function is essential for managing risks and strengthening your ability to conduct business through a controlled environment. Whether you’re looking to establish an internal audit function or extend the scope of your existing assurance program, we can provide you with a cost-effective, value-added internal audit solution.
If you have CEO / CFO certification requirements under Sarbanes-Oxley 404 or National Instrument 52-109 (“NI 52-109”), you know that this can be a complex, costly and time-consuming process. Under NI 52-109, a public company’s CEO and CFO are required to personally certify on the effectiveness of their disclosure controls and procedures and internal controls over financial reporting. Adopting a comprehensive approach is more important than ever as the Canadian Securities Administrators are applying more scrutiny and challenging the assessments performed by non-venture issuers.
MNP has assisted more than 100 organizations in complying with their CEO / CFO certification requirements in a cost-effective, pragmatic manner. Instead of a ‘one size fits all’ strategy, we employ a ‘pure’ top-down, risk-based approach tailored to the nature, size and complexity of your organization. Our methodology is firmly based on ‘doing it right the first time’ and eliminates the need to rationalize or optimize key controls in future years. We also leverage the benefits of the compliance process to create enterprise value by identifying operational improvement opportunities and benchmarking against leading industry practices.
Our internal controls evaluation approach generally consists of the following steps, however, we will ‘right-size’ this process to suit your organization’s size and objectives:
While some organizations may choose a ‘do-it-yourself’ approach, working with a qualified, independent party offers a number of significant benefits. Our team has extensive CEO / CFO certification experience and our third-party, independent reviews provide additional credibility to support management certifications when subject to external scrutiny. Engaging an independent team also enables internal staff to focus on other value-added priorities, while reducing the need for additional hiring costs during times of higher resource demands to meet certification requirements.
Every organization has compliance requirements, whether regulatory, contractual, statutory or public sector mandates. We can help you understand your unique compliance requirements, establish formal policies and procedures and implement a system of internal controls to support, evaluate and monitor compliance.
The Canadian Extractive Sector Transparency Measures Act (“ESTMA” or “the Act”) came into force on June 1, 2015. The Act strives to deter corruption through measures for the extractive sector that enhance transparency and impose reporting requirements for payments made to domestic and foreign governments. Organizations are required to file a report with Natural Resources Canada (“NRCan”) and to make these reports publicly available on their company websites no later than 150 days after the end of each financial year.
Entities with securities listed on a Canadian Stock Exchange and privately held entities which have a place of business, do business or have assets in Canada that meet size thresholds for at least one of its two most recent financial years and are engaged in the commercial development of oil, gas or minerals may be affected.
Commercial development includes:
To ensure compliance and avoid penalties, organizations may need to initiate changes in their payment processes and system of internal controls. Organizations will need to determine how the Act applies to their operations, evaluate all levels of involvement – both direct and indirect (through agents, for example) – ensure systems can identify and track payments and validate that the information is true, accurate and complete.
Our Enterprise Risk professionals will support you from the initial assessment through implementation and reporting, with solutions tailored to your needs. We help you:
To learn more, click here to review our Fact Sheet on ESTMA compliance.
Click here to download our enterprise risk services brochure and learn more.