top banner

Control Chatter

May 2023

News that Control Professionals need to know

Quick Links
Visit our Website
Join our Mailing List
ICI Request for Information
All digital credentials have now been issued
If you missed your badge you can make a request for your badge by emailing

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!
Facebook Join My List Logo
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

ICI Course Catalog

To register for one or all of the online training programs click here:

The Internal Control Institute Store

Online course pricing has been reduced by over 70%

CICS Training Class

Successful CICS Training class held by ICI Middle East in May 2023 (Osool Training and Consulting).

Contact: Mr Belal Abdul Jabbar


Tel: +962 6 5927171


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.

Ten Different Ways a Self-Audit Can Protect Your Business from Financial Losses

By Tycoonstory

May 28, 2023

Business Risk can be more or less depending upon the industry it belongs to. However, it is important for all organizations to establish internal controls. It will act as a measure to deter wrongdoing. It also acts as a tool, safeguarding the company’s interests. It ensures the organization complies with state and federal laws, rules, and regulations concerning financial data management. Implementing strong internal controls helps enhance operational efficiency. Carrying out external or internal audits ensures accurate timely financial reporting.

Read The Article

Gartner pays SEC $2.45 million to settle South Africa FCPA offenses

By Harry Cassin

May 26, 2023

American technology and consulting company Gartner, Inc. agreed Friday to pay the SEC $2.45 million to settle charges that it violated the FCPA by bribing officials at the South Africa Revenue Service.The SEC charged Connecticut-based Gartner in an administrative order with violating the FCPA’s anti-bribery, books and records, and internal accounting controls provisions. The company settled without admitting or denying the SEC’s findings.

Read The Article

Ericsson Whistleblower Awarded $279m By SEC

Nice little earner. Record $279 million award from the US SEC to unnamed Ericsson whistleblower, over bribery case

By Tom Jowitt

May 26, 2023

The US Securities and Exchange Commission has reportedly issued its largest-ever award in it’s cash-for-tips program.The Wall Street Journal, citing people familiar with the matter, reported that the SEC’s record $279 million whistleblower award was related to a bribery case against Swedish telecommunications giant Ericsson.

In December 2019 the US DoJ confirmed Ericsson had agreed to pay more than $1 billion to settle a probe into alleged corruption including bribing public officials in a number of countries.

Read The Article

UK companies watchdog proposes tougher disclosures on internal controls

25 May 2023

LONDON: Boards of listed companies face tougher hurdles from January 2025 to show investors they have effective safeguards against fraud to ensure accurate financial reports, Britain’s corporate governance watchdog is proposing.

Following collapses at retailer BHS and builder Carillion, the government ordered reviews that produced recommendations including stronger internal controls at companies to improve audit quality. The government rejected calls to introduce a version of the stringent US Sarbanes-Oxley law, which requires company directors to personally attest to the accuracy of financial statements, or risk going to prison for breaches. Instead, Britain’s Corporate Governance Code, a form of “soft” law, is being updated.

Read The Article

Navigating the FCPA: Mitigating liability through comprehensive compliance programmes

May 25, 2023

As enforcement of the Foreign Corrupt Practices Act becomes increasingly vigorous, multinational companies are finding themselves in a complex and dynamic regulatory environment. Over the past two decades, the Foreign Corrupt Practices Act (FCPA) has undergone a transformation that few could have predicted.

Emerging from relative obscurity, it has risen to become a significant concern for international businesses. This concern is primarily driven by the robust enforcement of the FCPA by regulatory authorities such as the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). With increasing scrutiny, particularly concerning payments to foreign officials, a solid understanding of the FCPA has become crucial for businesses operating abroad. At the heart of the FCPA is the prohibition against payments to foreign officials. This has become a central concern for corporations after several high-profile cases put the spotlight on the risks of non-compliance. 

Read the Article

Internal controls 101: A checklist for online gaming companies

May 23, 2023

As all industry veterans know, internal controls are vital to launching an online gaming operation in new jurisdictions. But the internal control drafting and implementation process should be seen as more than a tick box on the checklist to launch in the new jurisdiction. If appropriately implemented, internal controls can play a critical role in promoting accountability, transparency, and ethical behavior within an organization, ensuring that it operates in a manner that complies with relevant laws and regulations. In addition to staying out of regulatory trouble, a stable internal control environment also prevents and errors from occurring in trading and payments teams, helps ensure the accuracy and completeness of financial reporting, and can even increase operational efficiency by reducing redundancy within the organization. These high-level tips can greatly improve the internal control process for online gaming operators.

Read the Top Tips

What is a material weakness in SEC filings

by Emma Kelly

on May 12, 2023

In the first quarter of 2023, material weaknesses increased by 25%. For businesses, there’s no greater alarm than a material weakness. Even the possibility of a material weakness can cause panic inside the company and shareholders. And as recent cases indicate, merely mentioning a material weakness appears to solicit an adverse reaction from investors, dropping stock prices. A material weakness is a flaw in an internal control that results in a material misstatement. This means the organization’s financial data is unreliable and ineffective for evaluating its financial soundness and, therefore, a reasonable stock price. Material weakness occurs when one or more of a company’s internal controls over financial reporting (ICFR) fails. Companies must disclose material weaknesses in their SEC filings when they are identified. If auditors find a material weakness, they must notify the audit committee to correct the identified issue. Investors, auditors, and analysts rely on companies to report accurate financial information. Companies with weak or inadequate internal controls create opportunities for misstatements, fraud, and poor management decisions, leading to shareholder losses. When material weaknesses are reported, it can result in reputational risk and increased costs

Read The Article

SEC (Philippines) warns of new penalties under a law that aims to protect consumers

May 23, 2023

THE SECURITIES and Exchange Commission (SEC) on Monday warned illegal lending companies of the new penalties under Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA), as it took down another illegal lending operation In a media release, the regulator said entities engaged in abusive debt collection practices may now be criminally prosecuted for violating Section 8(d) of FCPA. Under the FCPA rules and regulations, financial service providers as well as their collections agents and representatives are prohibited from using abusive collection or debt recovery practices against their consumers. Additionally, violators of the law will be penali zed with a maximum fine of P2 million or up to five years of imprisonment, or both.

Read The Article

SEBI proposes stringent surveillance and whistleblower mechanisms at AMCs

By Shivani Bazaz

May 20, 2023

Market regulator, Securities and Exchange Board of India (SEBI) has come out with consultation papers proposing additional surveillance and internal control systems, at asset management companies (AMCs). The move comes after various whistleblower complaints and front running cases in the mutual fund industry. The consultation paper suggests that senior management at AMCs should be responsible for putting surveillance and an internal mechanism in place to reduce fraudulent transactions and any possible misconduct by employees, traders, dealers etc.

Read The Article


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
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
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:

Tell me and I forget. Teach me and I remember. Involve me and I learn. -Benjamin Franklin

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
Facebook Join My List Logo