Control Chatter
April 2022
News that Control Professionals need to know
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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.
COSO Framework: What It Is and How You Can Implement It
May 23, 2022
The Committee of Sponsoring Organizations of the Treadway Commission framework, or COSO Framework, is a system for managing businesses. Used globally, it’s a de-facto standard you’ll find in many businesses. In essence, the COSO framework deals with organizational risk. It looks at your company’s compliance, finance, and internal auditing policies. To this end, you can think of the COSO framework as an internal risk control measure. Consequently, every member of your organization needs to adhere to this measure. In this article, I’ll show you what the COSO Framework is. I’ll also talk about its implementation and how you can maintain it. Let’s begin with a brief overview of the COSO Framework.
Management Role In Ensuring An Effective Internal Control System
Andersen in Nigeria
24 May 2022
Effective internal control as a critical aspect in an organisation became more pertinent for business functions in the early 2000s when accounting scandals were prominent in companies in the United States of America (USA). In light of this, several guidelines, laws or Acts were released such as the Sarbanes-Oxley Act of 2002 in the USA and Security and Exchange Commission (SEC) guidance on the implementation of Sections 60 – 63 of the Investment and Securities Act of 2007 published in 2021 in Nigeria. These laws protect investors from fraudulent financial reporting by organisations and improve the accuracy and reliability of corporate or organisational disclosures. The laws impacted the corporate governance code by re-emphasising that business managers are responsible for financial reporting and creating a step-by-step process through which the organisation ensures that set objectives are achieved. The process created is termed as internal control.
5 ways to reduce compliance costs with AI and automation
Increased use of AI can drive efficiencies and reduce costs in compliance management. Here's what that means for CIOs in highly regulated industries.
MAY 24, 2022
While regulations are created to protect consumers and markets, they’re often complex, making them costly and challenging to adhere to.
Highly regulated industries like Financial Services and Life Sciences have to absorb the most significant compliance costs. Deloitte estimates that compliance costs for banks have increased by 60% since the financial crisis of 2008, and the Risk Management Association found that 50% of financial institutions spend 6 to 10% of their revenues on compliance. Artificial intelligence (AI) and intelligent automation processes, such as RPA (robotic process automation) and NLP (natural language processing) can help drive efficiencies up and costs down in meeting regulatory compliance.
Internal control risks keep growing
By  Michael Cohn
May 04, 2022
Organizations will need to test more frequently for an increasing number of risks to internal controls, according to a recent poll by Deloitte.
In the year ahead, 55.9% of the more than 350 C-suite and other executives who responded to a poll during a webcast in January indicated they expect their organizations’ internal controls programs will need to test for larger and more frequent risks. When they were asked the same about the past 12 months, only 45% said their organizations had to test for larger and more frequent risks, according to the survey, which was released Wednesday. That represents a sizable increase in focus on internal controls for risk management and a signal that internal control programs continue to expand.
DOJ Criminal Division AAG Underscores Role of CCOs and Announces CCO Certification Requirements
May 24, 2022
In a homecoming speech, DOJ’s Assistant Attorney General Kenneth Polite gave a rousing speech to a room full of compliance professionals at the annual Compliance Week meeting in Washington, D.C. AAG Polite, who has served as a CCO himself, embraced the mission of compliance officers as a critical part of corporate governance systems. AAG Polite specifically recognized the importance of the compliance functions and the challenges that CCOs face in the corporate governance landscape. He specifically referenced the difficulties posed by lack of adequate resources and stature within an organization. He labeled as misguided the notion that compliance is a drain or cost center in the overall corporate landscape.
FSS extends inspection on scandal-tainted Woori Bank
By Lee Min-hyung
May. 29. 2022
The Financial Supervisory Service (FSS) will extend its inspection of the scandal-tainted Woori Bank, citing the need to look deeper into the lender's internal control system after one of its employees was arrested for allegedly embezzling more than 60 billion won ($47.3 million) from the lender last month. The financial authority was supposed to wrap up its investigation on May 27, but decided recently to extend the timeline to June. The FSS cited the need for more time to get the facts straight surrounding the scandal, as the employee allegedly started engaging in the criminal act in 2012. Under the latest decision, the financial watchdog is widely expected to investigate in detail whether Woori Bank's internal control system has been operating properly for the past decade.
Glencore pleads guilty to bribing NNPC officials for crude oil deals, to pay $1bn fine to US govt
May 26, 2022
Glencore International A.G. and Glencore Ltd., both part of a Switzerland-based multi-national commodity trading and mining firm named in massive bribery of officials of Nigeria’s state-owned oil company, have pleaded guilty and agreed to pay over $1.1 billion fine over their involvement in a corruption scheme. The firms’ pleas are meant to resolve the United States government’s investigations into violations of the Foreign Corrupt Practices Act (FCPA) and a commodity price manipulation scheme. The United States Department of Justice press statement on Monday, 23 May, said that the guilty pleas are part of coordinated resolutions with criminal and civil authorities in the United States, the United Kingdom, and Brazil.
Internal Investigations: Swiss Law Aspects
May 27, 2022
Internal investigations have become an increasingly important and integral part of prudent corporate governance in Switzerland. This article provides a brief overview of the key considerations that will allow a Swiss-domiciled company to conduct an effective internal investigation. The topics addressed in this article include typical triggers of an internal investigation, specific questions that must be addressed by the company if an investigation is about to be launched, the impact of secrecy obligations on data collection in Switzerland, the use of specific findings with regard to pending or anticipated court or other official proceedings and questions on cross-border data transfer from Switzerland. We conclude this article by highlighting certain practical recommendations for Swiss companies to prepare for potential future internal investigations.

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:
If you could kick the person in the pants responsible for most of your trouble, you wouldn't sit for a month.
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