The importance of standard setting - Part 1
Accounting for the Future
Host Anne-Marie Henson is joined by Armand Capisciolto, chair of Canada's Accounting Standards Board, BDO alumni, and former host of the Accounting for the Future podcast. They discuss the importance of accounting standards, the process of setting them, and Canada's influence on international standards. The episode also highlights how standards improve financial information and the role of stakeholders in the process. For more on accounting standard setting, subscribe to Armand’s LinkedIn newsletter: This episode is part 1 of 2. What you’ll hear in this episode: [2:29] The...
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Cybersecurity on the rise
Accounting for the Future
In this episode, host Anne-Marie Henson explores the growing realm of cybersecurity threats with guest Sacha Blasiak-Priestley, BDO's National Leader of Cloud Security. They discuss some of the biggest cybersecurity breaches this year, including Christies, London Drugs, and AT&T. The conversation uncovers the lasting operational and reputational impacts of cyber attacks, AI's intricate role in cybersecurity, and the importance of having a robust, frequently tested incident response plan. What you’ll hear in this episode: [1:27] The trends of emerging cybersecurity threats. [3:07]...
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Enhancing productivity: Data-driven solutions for audits
Accounting for the Future
Learn how technology, particularly AI and data-driven solutions, is revolutionizing the audit profession, leading to enhanced productivity. Host Anne-Marie Henson is joined by Paul Vetrone, Innovation and Change Director at BDO Canada, and Youssef Hounat, VP of Product at DataSnipper. Together they discuss the integration of innovative technologies in auditing, emphasizing the shift towards more efficient and higher-quality audits. What you’ll hear in this episode: [1:42] An introduction to DataSnipper as an intelligent audit platform. [3:20] What do audit firms look for when it comes...
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What should business leaders expect from their auditors? LIVE in Oakville
Accounting for the Future
Auditors can provide value beyond the numbers through practical solutions and advice on governance and regulatory changes. In a special live episode, guest host Mary Mathews is joined by Anthony Marinelli, Assurance-East Leader and Chair of BDO Canada’s Board, in a discussion on how the role and expectations of auditors have evolved and how business leaders should select auditors. They also discuss the impact of ESG and how technology and AI are transforming audit practices. What you’ll hear in this episode: [1:56] How audit has evolved over the years. [5:35] What business leaders...
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AI governance: Navigating innovation in the boardroom
Accounting for the Future
AI holds immense transformative potential for revenue optimization. Yet, governance, ethical considerations, and continuous monitoring cannot be undermined for responsible and effective AI implementation. Guest Achille Ettorre, Advisory Board Member at Queen's University, TedX presenter, and Faculty Member and Executive Consultant at the International Institute for Analytics, joins our conversation on the importance of AI governance, its impact, and ways to mitigate bias. What you’ll hear in this episode: [2:01] Defining Generative AI and big data. [3:49] The impact of AI on...
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Strengthening your foundations: Internal controls for public companies
Accounting for the Future
Having robust internal controls is necessary for accurate financial reporting. In this episode, host Anne-Marie Henson is joined by Michael Crolla, Partner and National Capital Markets & Public Company Services Leader, and John Asher, Partner and Risk Advisory Services Leader in Western Canada. Drawing from their experience, they discuss the current Canadian regulatory landscape for public companies, how strong governance affects audits, and the role that strong internal control environments play in financial reporting. Explore the challenges companies face when establishing internal...
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Navigating the Complexities of Fraud Prevention
Accounting for the Future
Navigating the complexities of fraud prevention and detection in your organization is critical. In this episode, host Anne-Marie Henson is joined by Alan Mak, Partner and National Leader of BDO’s Forensic Disputes & Investigations, and Mary Mathews, Partner in BDO’s Accounting Advisory Group. Drawing from their expertise, they delve into the pervasive issue of fraud in today's financial landscape, discussing current trends, examples of fraudulent activities ranging from small-scale employee expense frauds to larger procurement frauds, and the psychological and societal implications of...
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Bill S-211 – Forced Labour in Canadian Supply Chains
Accounting for the Future
How can Canadian companies prepare to comply to Bill S-211? In this episode, host Anne-Marie Henson is joined by Pierre Taillefer, Partner and National Sustainability and ESG Leader at BDO Canada, in a discussion on the evolving landscape of ESG reporting and compliance. He sheds light on regulatory requirements in Canada, specifically, Bill S-211, highlighting the importance of understanding and addressing compliance obligations regarding supply chain management and the mitigation of child labour and forced labour risks. The episode offers valuable insights into the challenges faced by...
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AI in the Finance Function
Accounting for the Future
From enhancing audits to streamlining processes and predicting financial outcomes, AI is here to empower the finance function. In this episode, host is joined by , a Partner and key leader in BDO’s Innovation & Change team and Senior Leadership Team, to discuss the impact of artificial intelligence (AI) on the accounting and finance function. Together, they explore how AI, including generative AI, can benefit financial statement auditors. The episode also touches on the potential applications of AI for CFOs, discussing its role in pattern recognition, prediction, and transparency....
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Leading the Finance Function of the Future
Accounting for the Future
Despite the effects of the great resignation, there is still appears to be a scarcity of financial talent. In our latest episode, host , Partner, Eastern Canada & SMB Leader for Markets & Industry Canada, and , National Leader for CFO Services at BDO Canada, explore the challenges of hiring and retaining financial talent and the evolving role of CFOs, emphasizing their transformation into Chief Value Officers (CVOs) with a focus on purpose and value. The episode underscores the importance of CFOs cultivating "value acumen" and a growth mindset through continuous learning. Additionally,...
info_outlineNavigating the complexities of fraud prevention and detection in your organization is critical. In this episode, host Anne-Marie Henson is joined by Alan Mak, Partner and National Leader of BDO’s Forensic Disputes & Investigations, and Mary Mathews, Partner in BDO’s Accounting Advisory Group. Drawing from their expertise, they delve into the pervasive issue of fraud in today's financial landscape, discussing current trends, examples of fraudulent activities ranging from small-scale employee expense frauds to larger procurement frauds, and the psychological and societal implications of fraudulent behaviour. Discover key insights into the indicators of fraud in financial statements, the role of auditors in detecting fraud, and practical strategies for implementing effective controls to mitigate fraud risks.
What you’ll hear in this episode:
[1:35] An update on the latest fraud trends and status.
[2:11] Explanation of the fraud triangle.
[4:15] Examples of fraudulent activities.
[5:57] Examination of types of fraud and occurrences across different company sizes.
[8:25] The psychological aspects of fraud.
[13:17] Indicators of fraud in financial statements and the role of auditors in detecting fraud.
[17:10] Strategies for reducing the risk of fraud.
[23:15] Reflection on the societal perception of fraud and the need for robust consequences for perpetrators.
Mentioned:
Quotes:
"Fraud is one of those things that is very personal, even when it's a big company. And the reason why is because fraud inherently involves trust."
"As auditors, we have to meet high professional standards, a financial statement audit doesn't actually serve as a guarantee against any fraud or detecting fraud."
"It starts with good governance in place... putting in checks and balances to reduce those opportunities and the risks of fraud where opportunities might exist."
"We look at the world through one of several ways in terms of risk assessments for fraud, and a common framework that we use is something called the fraud triangle."
"Perform reconciliations with the right level of detail and attention... doing it thoroughly, properly, reviewing budgets to see how performance is going."
"The fraud triangle lists three elements that are necessary in order for frauds to exist or to occur. They are opportunity, rationalization, and motivation."