Discussion + Information on Governance in Canada
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‘Broken Windows’ and Corporate Corruption

The social science theory of ‘broken windows’ is generally associated with an analysis of criminology and underlying contextual circumstances that influence criminal and disorderly behaviour.

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The Accepting Majority: Wealth and Income Inequalities

President Obama made his pitch for ‘middle-class economics’ in his January 20th State of the Union speech. Delivered before the Republican controlled Congress, his political message was addressed to the nation at large, with an eye to future historians of his presidency. President Obama declared that the shadow of the ‘Great Recession’ has been overpowered by the sunlight of economic recovery and heralded a bright future for the United States.

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Canadian Public Accountability Board’s Inspection Findings Should Be Disclosed to Audit Committees

The critical roles of audit committees in overseeing the external auditor and in contributing to audit quality and integrity of financial reporting have been restrained by the failure of the Canadian Public Accountability Board (CPAB) to permit the disclosure of its inspection findings of external auditors to audit committees. Audit committees should have the legal right to receive CPAB’s inspection findings from their external audit firms in order effectively to oversee their external auditors and to evaluate the quality of the audit of their financial statements.

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The Regulation, Supervision, Accountability And Transparency Of Canada’s Audit Regulator And Audit Firms Require New And Expanded Rules

The Canadian Public Accountability Board (CPAB), Canada’s national audit regulator, and the audit firms the CPAB inspects, enjoy limited supervision by and accountability to the Canadian Securities Administrators. There is an undue lack of transparency of CPAB’s inspection findings of audit firms, which has resulted in a failure to achieve an enhanced degree of public confidence in the integrity of financial reporting in Canada that is fundamental to the effective operation of its capital markets. The supervision, accountability and transparency of the CPAB need to be reviewed by the Canadian Securities Administrators and the Ontario Securities Commission.

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Ethical Leadership and Corrupt Practices

The Chairman of the Board has a duty to lead the board to establish a sound ethical culture. The board is responsible for the governance of the company. With the assistance of the CEO and senior management, the Chairman and the board have the responsibility to see that the ethical culture is infused throughout the organization and becomes operationalized. The Chairman should enhance his/her role to become the “Chairman of the Company”, without assuming a management function. The beacon of ethical leadership in an organization is a pre-condition to the prevention of corruption and bribery.

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