Control Chatter
July 2022
News that Control Professionals need to know
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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.
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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
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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.
Legal internal control in listing compliance, corporate governance
By Han Xu and Hao Jingmei
27 July 2022
Listing compliance and corporate governance are often relegated to a form of financial internal control in A-share IPOs and daily operation and management of companies. But their significance and importance in laying firm foundation for effective listing and continuing operational governance should not be downplayed. Most notably, the Measures for the Administration of Initial Public Offering and Listing of Stock, issued by the China Securities Regulatory Commission (CSRC), as well as other A-share market regulations on compliance and corporate governance for prospective issuers, all provide that, “the issuer’s internal control system shall be sound and effectively implemented to reasonably guarantee reliability of financial reports, legality of production and operation, and efficiency and effectiveness of operation”.
Sarbanes-Oxley Turns 20: A Look-Back to See Ahead
by William E. Quick and Toni Ruo
July 19, 2022
The Public Company Accounting Reform and Investor Protections Act of 2002,1 commonly known as the “Sarbanes-Oxley Act,” or “SOX” for short, has been in effect for twenty years, and as we celebrate the Act’s platinum anniversary, it is important to remember what led to its enactment and reflect upon where the Act stands today. Investor confidence was at an all-time low when Congress passed the Sarbanes-Oxley Act in 2002. The financial and corporate scandals of the early 2000s revealed a series of corporate governance and accounting failures, resulting in the implosion of some of the largest U.S. Corporations, including Enron and Arthur Andersen. Such failures included extreme related party transactions, creative financial reporting, excessive executive compensation, and poor corporate culture. In response, Congress passed SOX to restore investor confidence in the markets, to require more independent and financially competent boards of directors, and to provide heightened control over the governance of publicly traded companies. Not only did SOX expand regulatory oversight2 and enhance corporate governance for public companies, but the Act also evolved as a standard of “best practices” for privately held companies as well.
Aspen admits financial reporting "material weaknesses" and appoints EY
by Jen Frost 
25 Jul 2022
Aspen Insurance Holdings has updated on “material weaknesses” found in its financial reporting controls for 2021 and has appointed EY. The EY move follows its former accountant KPMG resigning in June, Aspen said. “The audit committee and board of directors of the company discussed the subject matter of such material weaknesses and associated remediation plans with KPMG and has authorized KPMG to respond fully to the inquiries of EY concerning such matters,” Aspen said in an SEC filing.“There are no limitations placed on KPMG or EY concerning inquiry of any matter related to the company’s financial reporting.” The business first disclosed in its annual report, released in May, that it had found weaknesses in controls and set out a package of remediation measures.
FSS finds Woori Bank's internal system partly to blame for embezzlement case
July 26, 2022
The Financial Supervisory Service (FSS) confirmed Tuesday that an employee at Woori Bank embezzled around 70 billion won ($53 million) from the company and the bank did not have the proper internal control system to detect the embezzlement.
 The FSS said in a report that the employee embezzled a total of 69.7 billion won from 2012 through 2020.  The FSS started an investigation into the case in April when it first received a report from Woori Bank that an employee had embezzled more than 60 billion won. According to report, in 2012 the employee made an unauthorized withdrawal of 429,493 shares, worth 2.35 billion won at the time, of a company’s convertible securities that were held by Woori Bank, by stealing a one-time password generator.
ACCA report warns of challenges for internal control within organisations
It is reported that the three professional bodies joined forces to poll some 2,000 of their global members to “better understand what lies ahead for internal control”, which is said to be a core part of business operational management. The findings show that the continued effects of the pandemic, the turbulent economic climate, regulation, as well as data and technology are all presenting organisations with unique challenges for their internal control activities. The results highlighted a lack of appropriately skilled staff by 50% of respondents as a challenge, and 41% said technological advances are compromising existing internal controls, while nearly a third (32%) said a lack of executive emphasis on internal controls was also impacting the management of internal control.
DigiFraud Insiders Summit Highlights: ‘Organisations must create awareness to safeguard consumers from any kind of fraud’
July 28, 2022
By this time, we are all aware of how pieces of content can be easily discovered across social media platforms or other digital platforms such as chat apps. And that is just one side of the coin. Not to mention, the infinite number of fraudulent credit card or debit card calls we receive from time to time and even those phoney emails, which usually claim that either we have won a lottery or have an instant loan waiting for us. And all it takes is a click and our card details to avail of these once-in-a-lifetime opportunities. However, these are not the only kind of digital fraud which currently exists. With the evolution of the digital industry fraud too, has evolved and there is more than that meets the eyes. In fact, the fraud detection and prevention (FDP) market was estimated to be worth $19.5 billion in 2017 and is expected to exceed $63 billion by 2023, as per market research firm Statista, latest finding. Other findings show that in FY21, a total of over 16,000 copyrights were registered in India. As of October 2018, around 23% of Internet users have been a victim of online identity theft.
China Evergrande CEO, CFO Exit in Internal Probe of Deposit Use
Jul 23, 2022
(Bloomberg) — China Evergrande Group’s Chief Executive Officer Xia Haijun was forced to resign as the embattled property developer tries to strike a restructuring deal to resolve $300 billion of liabilities that have roiled the nation’s real estate market.Siu Shawn, an executive director at the company, will take over, according to a statement Friday, which added that Chief Financial Officer Pan Darong was also forced to resign. Evergrande had been investigating how 13.4 billion yuan ($1.99 billion) of its deposits were used as security for third parties to obtain bank loans, which some borrowers then failed to pay back. The pledge guarantees threatened to wipe out most of the cash holdings at its property-services unit.
Why Business Integrity Can Be a Strategic Response to Ethical Challenges
To address complex ethical challenges, companies must focus on breaking silos and creating strategic alignment when it comes to governance and risk.
July 14, 2022
Governance — the “G” of ESG — has long been overshadowed by discussions of its counterparts, environment and sustainability, despite being a source of strategic advantage. While many companies view investment in governance simply as a means of staying out of trouble, proper corporate governance can — and should — drive company performance.1 To turn this idea into reality, a growing number of companies are moving toward a more holistic approach to ethical and responsible business. This involves aligning and coordinating across critical integrity functions, reducing box-ticking, and thinking holistically about ethical behavior, risk management, and value creation.2 In order to gain a deeper understanding of key challenges and success factors driving this approach, we conducted interviews with leaders from over two dozen large companies and multilateral institutions on the different steps they have taken to invest in business integrity as a strategic response to both risks and opportunities.

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
2022 Certification Training Program & Exams

ICI and affiliates around the world have a busy training program scheduled for 2022. 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
Contact: Mr Yazid Berrada
Tel: +212 (0) 522-872-585
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:
You just can't beat the person who never gives up.
Babe Ruth
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