Control Chatter
May 2021
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.
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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.
Upscale Internal Control Practice
May 14, 2021
What is ‘internal controls’? Most likely it would be described in the classical sense of methods, guidelines and procedures implemented to maintain the integrity of financial and regulatory reporting.  But for others the meaning of internal controls is much deeper and more aptly described by the ICI (Internal Control Institute) as to provide pervasive integrity and enablement of enterprise governance. So what does this mean? At the present time we are in a disruptive state that involves struggles to sustain viability while adapting to changing conditions.  These conditions offer opportunities, but also the real potential for a reduction in internal controls as a means of coping with impact dynamics.
Beware of Downhill Flow of Supervisory Guidance
BY Craig N. Landrum
May 20, 2021
On February 26, 2021, the Board of Governors of the Federal Reserve System issued SR21-3/CA21-1, Supervisory Guidance on Board of Directors’ Effectiveness. Although it technically applies to institutions of $100 billion or more, it sets forth the attributes of an effective board of directors.
Your ethics and compliance program should make people uncomfortable
We have seen a rapid increase in dedicated ethics and compliance departments and programs in Nordic companies during the last decade. However, there is no local regulation that explicitly requires formal ethics and compliance work. The demand for formalized ethics and compliance work stems from the U.S. Sentencing Guidelines, Sarbanes Oxley Act, and FCPA. In the continuous stream of corporate scandals, the regulators have noted that sanctions and financial penalties are insufficient to change corporate conduct. Also, companies are encouraged to implement and are even rewarded for implementing ethics and compliance programs. Today even analysts, investors, and financiers have understood the value of this work and ask companies for proof of what they are doing.
SOX or no SOX? The focus on internal control is here to stay
By James E Barbour CA
May 7, 2021
The UK Government is considering whether to introduce something along the lines of SOX. Regardless of where we end up following the current consultation process, it will almost certainly not be the end of the debate on internal control. More than twenty years have passed since the corporate collapse of Enron. The response of the then US Government led to the introduction of the Sarbanes-Oxley Act, 2002 (SOX). One of the key features of this was to require Chief Executives and Chief Financial Officers of US public companies to provide attestations on the effectiveness of a company’s internal controls over financial reporting. Additionally, a company’s external auditor was required to provide an opinion on that attestation – thus, resulting in the birth of what has been termed “the integrated audit”, which of course has evolved over time.
The ABCs of Anti-Corruption and Bribery Law: What Preceded Brazil’s “Operation Car Wash” and What Comes Next?
May 10, 2021
No one knows when a government official was first bribed, but as far back as 1754 B.C. the Code of Hammurabi prohibited the practice. As for the U.S., the first Congress passed the Federal Crimes Act which prohibited some forms of Bribery. Traditionally bribery laws around the globe looked inward – at the subordination of domestic officials. Virtually no attention was paid to another form of bribery – the citizens of one country bribing the officials of another to obtain business or other improper benefit. Indeed, such practice was not only ignored, but often condoned by granting tax deductions for such payments. Fast forward to 1977, when the U.S. Congress, in the wake of embarrassing revelations during the Watergate hearings, enacted the Foreign Corrupt Practices Act (“FCPA”). In essence, the FCPA prohibits U.S. Persons from corruptly giving or promising anything of value to foreign governmental officials (broadly defined) in order to obtain business or other unfair advantage. It casts a wider enforcement net by requiring covered Persons to keep accurate books and records and reliable auditing systems.
You’ve Received Your Annual Management Letter From Your Auditors — Now What?
May 11, 2021
For companies that are reporting on a calendar year and have completed their audit, CFOs have recently received or will shortly receive a management letter from their auditors. The management letter is an integral element of a company’s annual audit process as it highlights key financial findings and provides recommendations for improvements in internal control. It also raises awareness of new accounting pronouncements the company will need to adopt.
Remote Auditing: Is It Here To Stay?
by Harry Fox
12 May 2021
The COVID-19 pandemic has had a big impact on the way companies conduct business and audit firms are no exception. Restrictions on the ability of auditors to physically visit business premises have, in many cases, forced them to adopt remote auditing techniques. Remote auditing is not new. For years, auditors have taken advantage of technology tools to perform some audit activities remotely to save time and money. But the pandemic has substantially increased the need to rely on these techniques.
Compliance Made Easy: How To Improve Your Risk Posture With Automated Audits
MAY 13, 2021
Compliance standards come in many different shapes and sizes. Some organizations set their own internal policies, while others are subject to regimented global frameworks such as PCI DSS, which protects customers’ card payment details; SOX to safeguard financial information or HIPAA, which protects patients’ healthcare data. Regardless of which industry you operate in, regular auditing is key to ensuring your business retains its risk posture whilst also remaining compliant. The problem is that running manual risk and security audits can be a long, drawn-out, and tedious affair. A 2020 report from Coalfire and Omdia found that for the majority of organizations, growing compliance obligations are now consuming 40% or more of IT security budgets and threaten to become an unsustainable cost.

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 51 3533 8566
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

Scheduled Events
Contact: Mr Summit Goyal
Tel: +91 9810 575 613
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 Nguyen Thanh Tung
Tel: 848 3803 5020
Contact: Dr Proctor Nyemba
Tel: +263 4 443124
Control Quotes:

The measure of who we are is what we do with what we have.

Vince Lombardi
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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