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Control Chatter

March 2023

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.

Effective internal controls: A vital enabler for private companies

By Kristopher S. Catalan and Dwayne G. Ignacio

March 26, 2023

Change is inevitable, and we know this now more than ever. The technological disruptions that were hastened by the exigencies of the pandemic have now become widely accepted and mainstream, with such changes continuing to grow more rapidly each day.The pace of change in organizations has also accelerated. As a response to risk events such as cybersecurity breaches and fraud, especially during the pandemic, organizations had to quickly reinforce controls to protect their assets and manage compliance, reputational and legal risks.

Read The Article

Fed's Barr blames management, internal control lapses for Silicon Valley Bank failure

By Jessica Kuruthukulangara

Mar. 27, 2023

The collapse of Silicon Valley Bank (SIVB) is a "textbook case of mismanagement", the Federal Reserve's Vice Chair for Supervision Michael Barr said in a prepared testimony that he will relay before a Senate panel on Tuesday. Barr slammed the bank's management for not effectively managing interest rate and liquidity risk, resulting in an unexpected bank run that led to its demise.

Read The Article

Putting A Positive Spin On Controls In Fintech

By Snigdha Kumar

Mar 23, 2023

If you have been working in fintech long enough, you have likely heard statements like, “We are building an airplane (or ship?) while flying (sailing?) it,” or, “Move fast and break things.” These statements are usually used to justify the lack of internal controls in favor of showing progress or user growth. However, if history has taught us anything, it is that if things can break in finance, people can lose hard-earned money, companies can go bankrupt and CEOs can go to jail.

Read The Article

China fines Big Four accounting firm

18th March 2023

The authorities claimed Deloitte's audit of one of the country's largest bad-debt managers was marred by negligence China's Finance Ministry has imposed an unprecedented fine of 212 million yuan ($30.8 million) on accounting firm Deloitte, one of the global audit giants comprising the 'Big Four,' for negligence in its audit of bad-debt manager China Huarong, the ministry said in a statement on its website on Friday. Bad-debt managers are asset management firms that are tasked with buying distressed loans from banks.

Read The Article

Larry Fink’s Annual Letters to Investors

Posted by Martin Lipton

March 18, 2023

For more than ten years, Larry Fink, Chairman and CEO of BlackRock, the world’s largest asset manager, has published separate annual letters — one to CEOs and another to BlackRock’s shareholders. This year, Fink combined the two letters into one to underscore that in serving its clients, BlackRock has also created value for its shareholders — a demonstration of stakeholder capitalism at work. As we recently explained, major asset managers such as BlackRock play a critical role in supporting companies as they seek to fulfill their fundamental purpose of pursuing long-term, sustainable value creation.

Read The Article

Tupperware to delay annual report amid ICFR weaknesses

By Adrianne AppelFri,

Mar 17, 2023

Consumer products company Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting (ICFR) as part of an announcement its 2022 annual report would be delayed. Tupperware is seeking an extension to file its fiscal year 2022 Form 10-K with the Securities and Exchange Commission while it reviews its accounting, the company disclosed in a filing with the agency Thursday.

Read The Article

Investors sue Credit Suisse over ‘misleading’ 2021 report

By Rajashree Chakravarty

March 17, 2023

Investors sued Credit Suisse on Thursday, alleging the bank overstated its financial outlook to shareholders before the Swiss lender’s shares crashed this week. Credit Suisse saw the biggest one-day selloff in its history Wednesday, with shares plunging 30% at one point, after Saudi National Bank, its biggest shareholder, declined to boost its stake in the embattled bank. The lawsuit, filed in a federal court in Camden, New Jersey, came on the same day Credit Suisse borrowed $54 billion from the Swiss National Bank in an attempt to bolster its liquidity and restore investor confidence.

Read The Article

Six Guidelines For Successful Board-Shareholder Engagement

By Simone Grimes

Mar 17, 2023

With shareholder activism on the rise, the need for boards to proactively engage with shareholders has also increased. Shareholder engagement refers to the process of engaging shareholders, usually those representing the largest blocks of stock, in face-to-face verbal communications. Topics usually include CEO evaluation and succession, executive compensation, board nomination criteria, governance issues, corporate strategy and emerging issues such as oversight of corporate culture, human capital management and the set of issues known as environmental, social and governance.

Read the article to review the six guidelines

Key details withheld, files locked in basements as Ericsson ‘impaired’ US investigation

By Sydney P. Freedberg

March 16, 2023

Telecom giant Ericsson kept records about potential bribery schemes locked in safes and basement cabinets while company lawyers withheld “key details” from an explosive report alleging the Swedish firm’s possible payoffs to terrorists in Iraq, U.S. court documents reveal. Documents filed earlier this month in federal court in New York by the U.S. Justice Department also say Ericsson employees failed to disclose evidence of corrupt payments contained on USB drives for as many as six years, despite an ongoing criminal investigation.

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:

"Smart people learn from everything and everyone, average people from their experiences, stupid people already have all the answers.” —Socrates

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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