www.lexisnexis.ca Vol. 32, No. 14 November 2016
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Political heat rises over greenhouse gas strategy

Prime Minister Justin Trudeau caught provincial environment ministers off guard when he announced a federal plan that will put a national price on greenhouse gas emissions. The controversial move fulfils a promise the Liberals made during the 2015 federal election, but has also launched a political firestorm.

The environment ministers of Saskatchewan, Nova Scotia and Newfoundland walked out of their recent national conference in Montreal upon hearing the news from the House of Commons, alleging heavy-handed unilateral action by the federal government.

Under the plan, all Canadian jurisdictions must have a carbon pricing scheme in place by 2018. If they do not have their own provincial or territorial plan by then, a federally imposed price on carbon pollution starting at $10 per tonne of greenhouse gas emissions will be imposed.

Women still strive to climb on equal footing globally

Too many female internal auditors worldwide still believe they don’t have the necessary skills to compete with their male peers. A new report from the Florida-based Institute of Internal Auditors (IIA) also found that men continue to dominate internal auditing around the world, comprising 69 per cent of chief audit executives (CAEs) at publicly held companies.

However, that does not seem to be the case in Canada, according to experts.

“Overall, my career path has been extremely positive,” says Carmen Abela, managing director of Ottawa-based WindReach Consulting Services Inc., who has also had a varied career in internal audit, including serving as chair of IIA Canada. “I’ve been supported by wonderful mentors — both men and women — and have had the good fortune of being able to take advantage of many exciting opportunities.”


After years of steady decline, the percentage of adverse auditor attestations related to
management’s assessment of the quality of their internal controls for financial reporting has shown an uptick recently, says a U.S. research firm.

But experts see a positive message rather than cause for alarm.

“It’s not an indication that financial reporting is getting worse. It’s actually an
indication that the evaluation of internal controls is getting better,” said Trent Gazzaway, national managing partner of professional standards at Grant Thornton LLP, in Charlotte, N.C.

The U.S. Financial Accounting Standards Board has released long-awaited guidance aimed at simplifying and improving how not-for-profit (NFP) entities classify net assets as well as the information presented in their financial statements. This guidance will be the first major changes to NFP financial statement presentation standards since 1993, when the current reporting regime for this sector was established.

“While the current not-for-profit financial reporting model held up well for more than 20 years,” said FASB chair Russell Golden in a statement, “stakeholders expressed concerns about the complexity, insufficient transparency and limited usefulness of certain aspects of the model."