Control Chatter
January 2022
News that Control Professionals need to know
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Test your Knowledge of Internal Control
The Internal Control Institute has developed two mini assessments to test your knowledge. A CICS Common Body of Knowledge Mini Assessment that helps an individual determine their knowledge as it relates to organizational governance and control practices. Results point out areas of knowledge that may require additional training and experience. The assessments also provides a measurement to the individual's readiness for CICS certification.
Start becoming an Internal Control professional today!
The ICI "Certification Series" of online courses
The ICI "Certification Series" has been completely updated and is available online to everyone around the world! Course content prepares individuals to design and/or assess internal control and to assist management in installing internal control processes. In addition, the series prepares candidates for the Certified Internal Control Specialist (CICS) Examination. To review the course catalog click
To register for one or all of the online training programs click here:
Online course pricing has been reduced by over 70%
Internal Control Chatter
Each month the staff of The Internal Control Institute reviews hundreds of articles related to Internal Control and Corporate Governance. Here are brief summaries of some of the top articles (along with links to the original article) that may be of interest to you.
Demystifying UK SOX
JANUARY 26, 2022
UK SOX is coming. However, many organizations are feeling worried about exhausting all existing compliance resources, incurring high costs, or the amount of testing and data management required to ensure UK SOX compliance. If you’re reading this and nodding your head, don’t worry. The good news is that through proactive planning and clever implementation of the right technologies, you won’t just be able to minimize the impact of UK SOX but benefit from it too. As a brief introduction to this legislation, in March 2021 the Department for Business & Industrial Strategy (BEIS) published a whitepaper setting out its proposals for a UK version of Sarbanes-Oxley (SOX), a piece of US governance first brought into law in 2002.
2021 Year-End FCPA Update
By Gibson Dunn
January 25, 2022
On the heels of a record-setting 2020, the year 2021 saw a more modest pace of Foreign Corrupt Practices Act (“FCPA”) enforcement, particularly as it relates to corporate actions. The inevitable slowdown from any changeover in presidential administrations, combined with the lingering impacts of the global pandemic, undoubtedly contributed to this phenomenon. But with the Biden Administration doubling down on the strategic importance of global anti-corruption enforcement, and with continuing robust FCPA-related enforcement against individuals, we fully anticipate a return to substantial corporate FCPA enforcement in the years to come. This client update provides an overview of the FCPA and other domestic and international anti-corruption enforcement, litigation, and policy developments from 2021, as well as the trends we see from this activity. 
Compliance Isn’t Enough: Security Is Key
Jan 21, 2022
We have entered a new era where every business is a technology company. We use technology for every business function, from processing credit cards and storing employee and customer information to monitoring inventory. You name it, and there is a technology solution for it. With new technology comes more data and more security risks. Compliance frameworks were developed as best practices to help companies navigate this new era and protect organizations and their crown jewels. While following compliance frameworks is necessary and sometimes required depending on the industry, simply "checking off a box" does not guarantee you are secure, just like taking the SAT exam doesn't automatically confirm you are smart.
January 18, 2022
U.S. companies are experiencing increasing losses from fraud, compliance breaches and cyber attacks, with the situation expected to worsen in the next 12 months, according to a KPMG survey of senior risk executives, "A Triple Threat Across the Americas, 2022 KPMG Fraud Outlook." In fact, two thirds of U.S. survey participants expect external fraud to increase in the next year, with 84 percent saying that cyber risk will grow, and 73 percent expecting compliance risk to rise. However, only 35 percent say their companies have programs in place to cover prevention, detection and response to fraud. "Fraud, compliance risk and cyber attacks are increasing at an alarming rate, eating away profits across the U.S.," said Amanda Rigby, U.S. Forensic Service Network Leader, KPMG LLP. "Collectively, these issues create a 'threat loop' which can quickly overwhelm companies with economic loss, regulatory loss and reputation loss. Despite the potential for calamity, the majority of U.S. companies are not ready to fight the threat loop."
The KPMG survey provides insights from 642 senior executives in the Americas, with 34 percent of respondents being from the United States.
Why is Section 404 of SOX Important?
January 20, 2022
The Act was passed in 2002, and its provisions were aimed at improving corporate governance. While the Act was designed to increase transparency and protect shareholders, some companies are hesitant to comply. That’s understandable, and the new guidelines are designed to help companies minimize their costs. However, this doesn’t mean the law will eliminate all risks. As a matter of fact, SOX 401 has more restrictions than any other section of the Act. The main goal of SOX 404 is to restore public confidence in financial reporting. The Act was passed following a number of scandals involving corporate accounting and auditing. By strengthening internal controls, the Act helps companies increase their profits and improve the public’s confidence in their financial statements. 
Corporate governance and its case in India
By Dhruv Mukerjee
Companies in India are investing more in corporate governance and integrity, but they are also more willing to tolerate unethical behaviour: still some way to go, says a recent report by EY. The recent resignations of three independent directors at PFS, an NBFC under the RBI, citing reasons like a lapse in corporate governance has brought the focus on the issue. A first in recent times of the BFSI sector, the three independent directors went on record to call out the mismanagement and "instances of serious lapses of governance and compliance" as their primary reasons to resign. The matter now is under the purview of SEBI, which has given the company four weeks to address the complaints raised against its corporate governance issues. Such complaints raised against a company are symptomatic of a larger trend across India Inc. A 2022 study on corporate integrity by EY, stated that over 55 percent of leaders and employees across India and the globe noted that the level of corporate governance has either remained the same or fallen over the last year. 
Cybersecurity increasingly on audit committee agendas
Robert Freedman Senior Editor
Jan. 26, 2022
CFOs can expect to see more cybersecurity experts on their audit committees. Audit committee members increasingly say they need that expertise around the table to better manage this growing responsibility, according to a report by The Center for Audit Quality and Deloitte. 
Almost 100% of audit committees have members with finance and accounting expertise but only 35% have members who are strong in cybersecurity, the report finds. And yet cybersecurity is the fastest-growing risk focus for the committees.
Compliance: 2021 Year in Review, checklist now available
January 24, 2022
CUNA’s Compliance team has released its annual 2021 Year in Review and checklist, which covers all rules and amendments affecting credit unions issued in the last year. The Year in Review covers rules, related CUNA compliance resources, links to the final rules, and effective dates. It also contains a list of all federal agency resources related to the rules.
The checklist asks a series of questions to ensure credit union compliance with the specific requirements within each rule.

The Internal Control Institute™ (ICI) improves organizational Internal Control worldwide by providing training, products and services and individual Professional Certifications
recognized internationally. The Institute's Board of Advisors has determined it would like to further expand into areas where it is not directly represented. ICI provides world-class
programs and its intellectual property to affiliates free of charge and shares all program
revenue with them. If your organization is interested in partnering with ICI to earn revenue while you contribute to the development of the internal control profession worldwide please contact Dr. Michael Pregmon, Jr., Chief Operations Officer, by email at or by phone at 727-538-4113 in the USA.

Below is a list of WorldWide Affiliates currently serving the profession. If your area is not represented please consider partnering with ICI
2021 Certification Training Program & Exams

ICI and affiliates around the world have a busy training program scheduled for 2021. For more details on the CICS Training programs on offer visit the Events page on our website by clicking on the link below.

ICI World Wide Affiliates

Contact: Mr Aminur Rahman
Tel: +88 01749 400600
Contact: Soulémane BABA DAMAGUI
Tel: +0022997492600
Contact: Mr Humphrey Chawafambira
Tel: +267 75618647
Contact: Mr Eduardo Person Pardini
Tel: +55 11 2599 8360
Contact: Mr Eric Kamegne
Tel: +237 658 292 978
The website of ICI Cameroon is now operational

Our first CICS session in April is online only
Contact: Mr Qiu Jianting
Tel: 400-098-1119 or 010 68004176
Contact: Mr. Yves Dupont
Tel: 0032 2 305 35 25
Contact: Mr Summit Goyal
Tel: +91 9810 575 613
Contact: Mr Nereo Guzman Mendoza
Tel: +52 811 181 3514
Middle East
Contact: Mr Belal Abdul Jabbar
Tel: +962 6 5927171
Myanmar & Cambodia
Contact: Mr Sanjeev Gathani
Tel: +65 9655 4633
Contact: Mr Joel Aluko
Contact: Mr Muhammad Farooq Hammodi
Contact: Mr Cosmin Serbanescu
Tel: +40 752 525 525
Singapore, Malaysia, Indonesia & Taiwan China
Contact: Mr Bob Seetoh
South Africa
Contact: Ms Sedie Jane Masite
Email: or
Contact: Ms Nadia Yaich
Contact: Ms Ilknur Tunc
Tel: +90 312 442 50 15
Contact: Mr Jesus Salazar Ras
Tel: +58 426 737 8096 or + 58 416 291 3788
Contact: Mr Nguyen Thanh Tung
Tel: 848 3803 5020
Contact: Dr Proctor Nyemba
Tel: +263 4 443124
Control Quotes:
Halloween is the beginning of the holiday shopping season. That’s for women. The beginning of the holiday shopping season for men is Christmas Eve.”
About ICI
The Internal Control Institute™ (ICI) is a worldwide organization devoted exclusively to internal control and corporate governance. The Institute is dedicated to the development of world-class educational programs and best practice guidelines on internal control and corporate governance, based on the Sarbanes-Oxley Act and the COSO internal control framework.
Visit us on the web at the Internal Control Institute
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