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Control Chatter

January 2023

News that Control Professionals need to know

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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.

SEC New Rules And Regulations

By Betsy Atkins

Jan 26, 2023

Welcome to new board oversight duties…It is one of the great things about board work…it is ever changing and evolving. Every year there is a shift in corporate governance standards in an effort to evolve along with the rapidly changing business landscape and stay aligned with the shifting priorities of investors and regulators. The SEC has new proposed regulations for 2023. On October 26th, 2022 the U.S. Securities and Exchange Commission (SEC) adopted a final rule that requires publicly listed companies adopt a compensation clawback policy.

Read The Article

Measuring the ROI of internal control automation

by Emma Kelly

on January 25, 2023

Calculating a return on investment (ROI) for internal control automation isn’t easy. Most executives know that the potential damage from a cybersecurity threat or material misstatement can be severe: disruption of operations, reputational damage, loss of customers, and regulatory penalties.  But control failure costs are potential costs, and internal control automation programs are actual costs, making automation initiatives a hard sell. So, how can you identify and quantify the ROI of internal control automation in an environment where buyers are inundated with buzzwords and new technologies that sometimes succeed but often fail? 

Read The Article

How to develop better governance around fraud prevention

By ICAEW Insights

26 Jan 2023

Fraud is dynamic, and fraudsters evolve faster than any regulation or corporate internal controls. These criminals are sophisticated, exploiting new weaknesses and constantly adapting to technological detective efforts.  Much of the debate around fraud prevention and detection has so far fallen on the shoulders of auditors, given the high-profile corporate collapses of recent years. But ultimately, it is the responsibility of management to improve their own approach to managing fraud risk. As auditors step up their efforts to curb fraud, so too must organisations.

Read The Article

Corporate Governance Issues To Watch For 2023

by Michael J. Sheppeard

24 January 2023

The rapid evolution of corporate governance trends witnessed in the United States over the past few years is expected to continue in 2023. As corporations grapple with complex corporate governance matters including environmental, social and governance (ESG) issues, cybersecurity, and cryptocurrency, they will also continue to face volatile economic conditions, supply chain disruptions, and workforce challenges. During this period of heightened regulatory scrutiny, proactive corporations that anticipate and manage these rapidly changing trends can mitigate risk exposure, volatility, and shareholder and stakeholder concerns, thereby positioning themselves for success in today's competitive business landscape. Below are several key issues to watch in the new year.

Read the article to find out what to watch for in 2023

The Interrelationship Between Fraud and Financial Statement Assurance

By Jake Amoroso, Senior, Advisory Services

January 23, 2023

Ensuring accurate financial reporting is one of the most important and most often overlooked aspects of operating a successful business. Armed with accurate information, a company can pursue expansion in the form of loans, credit lines, horizontal and vertical mergers, etc. Before delivering financial information, management must trust that their accounting and finance teams are providing information that is free of (at a minimum) fraudulent activity. Even then, many lenders require a review by a public accounting firm before granting access to financing — and lenders and investors often require additional levels of assurance over time. Overall, these engagements are not meant to detect fraud, but to provide users of financial statements with easily understood and trustworthy information.

Read the article for a discussion of the 3 levels of assurance

Corporate Governance: 15 Reasons for Effective Management

January 20, 2023

Understanding the importance of corporate governance is critical for all companies, even small- to medium-companies. Good corporate governance can help companies to build business integrity and plays a role in risk management. While public companies typically need to have corporate governance in place, it can be beneficial to all companies looking to create a stronger foundation. Consider what the corporate governance of a company is and why it matters. Exactly what is corporate governance aside from what seems like a set of rules that companies have to follow? Though it may seem like just rules to follow (and can even be a bit of a complex process to set up), it’s a must for most of today’s companies, especially in the area of social responsibility. Like it or not, your company’s customers have opinions, and meeting their objectives (or at least not going directly against them) can help with your branding or hurt it if you’re not careful.

Click here to view the Article

ISO 31000 remains top framework for risk managers Majority of banks blend international frameworks with domestic solutions

By Central Banking staff

20 Jan 2023

Central banks’ risk management policies are influenced by a mix of approaches, but the Risk Management Benchmarks 2023 found that ISO 31000 and COSO-ERM are still the frontline frameworks for risk managers. Over nine-tenths (91%) of 32 participating institutions said ISO 31000 was a key tool. A further three-quarters (75%) said COSO-ERM (Committee of Sponsoring Organisations of the Treadway Commission Enterprise Risk Management) has been influential on their institutions.

Benchmarking Risk Management 2023

ISO 37001 continues to gain global momentum

By Worth MacMurray

January 17, 2023

According to ISO’s most recent 2021 survey, ISO 37001 is becoming one of the most widely certified ISO management system standards. In 2022, there was noticeable anti-bribery management systems standard activity in certain sectors and geographies. Oil and Gas Sector – Maritime Services. Several key participants will attain certification in Q1 2023 – from 2022 audit activities. Certain global energy company “majors” began communicating the benefits of the standard to their respective supply chains – which is being read by many business partners as “we need to do it.” 

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:

The way to get started is to quit talking and begin doing.

Walt Disney

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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