GOAL 1: Ensure full professional equity for CGAs
Ensuring full professional equity for CGAs is an important stepping stone towards becoming the most important accounting designation in Canada. By working with our provincial affiliates to create an integrated strategy, CGA-Canada can ensure that all legal and practical barriers between designations are ultimately dissolved. Moreover, CGA-Canada will play an important role in influencing standard setting across Canada and abroad, and is determined to retain its acquired practice rights.4
Overview:
The ongoing quest for full professional equity for all CGAs will continue to be a critical objective for CGA-Canada now and in the future. Considerable energy is focused on ensuring CGAs everywhere are able to offer a full range of professional accounting services without restriction or restraint.
The Agreement on Internal Trade (AIT) has proven to be an effective tool in the recent past, as CGA-Canada works to achieve this goal. Also central to the achievement of this goal is CGA-Canada’s recent advocacy in relation to the structure and functioning of the Canadian Public Accountability Board (CPAB). CGA-Canada continues through legal and other means, to work to ensure that CPAB acts in good faith and fairness towards CGAs and with full transparency, accountability and independence within the Canadian context.
Legal Action Against the Canadian Public Accountability Board
In May 2006, CGA-Canada filed a Notice of Application for Judicial Review with the Ontario Superior Court of Justice to address long standing concerns regarding the structure and processes of CPAB.
Because of CPAB’s close relationship to the profession it oversees, CGA-Canada believes it is unable to make independent decisions and that it lacks the procedural safeguards necessary to protect against institutional bias. The judicial application also addresses concerns about arbitrary decision making on the part of the CPAB board of directors, which has been prejudicial to CGAs in Canada. Overall, CGA-Canada believes that the public interest has not been well served by CPAB, and that action is required to remedy the current situation.
The legal action undertaken by CGA-Canada seeks to have the Court rule that:
- CPAB is a public body and its composition must be representative of all accounting organizations that are affected by its decision making, and
- CPAB must discharge its mandate in accordance with the principles of natural justice and fairness.
Public Practice Rights
CGA-Canada has been working closely with its provincial counterparts for many years to achieve unimpeded access to auditing rights for CGAs in the few jurisdictions where restrictions are still in place.
ONTARIO
In Ontario, the provincial legislature proclaimed Bill 94, The Public Accounting Act, on November 1, 2005, creating a new system of self regulation for public accounting including a reconstituted Public Accountants Council (PAC). The PAC has now established standards of regulation to be applied to all three of the province’s professional accounting bodies, the Certified General Accountants Association of Ontario, the Institute of Chartered Accountants of Ontario, and the Society of Management Accountants of Ontario. When these three professional bodies have demonstrated their compliance with the new standards, the PAC will grant them the authority to issue public accounting licenses directly to their qualified members.
QUEBEC
CGAs are still not permitted to provide the full scope of public accounting service to all sectors in Quebec. This limits choice for businesses and individuals and is a barrier to mobility according to the AIT in a challenge initiated by CGA New Brunswick in 2005. Recently the Quebec government has acknowledged the problem and discussions on a solution continue with the three professional accounting bodies in Quebec – CGAs, Chartered Accountants (CAs), and Certified Management Accountants (CMAs). CGA-Canada continues to follow developments very closely. We are encouraged that a solution might be imminent.
Accounting and Auditing Standards
In 1999, CGA-Canada took the pioneering step of formally recommending the adoption of international accounting standards in Canada. As the world moves ever closer to the full adoption of international financial reporting standards (IFRS), CGA-Canada will continue to participate in discussions on the evolution of and convergence towards IFRS. To this end, we are closely following the work in Canada of the Accounting Standards Board (AcSB), the Auditing and Assurance Standards Board (AASB) and internationally, of the International Accounting Standards Board (IASB), all with particular attention to the challenges we are facing in revising Canada’s current standard setting processes and regime.
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GOAL 2: Be the fastest growing accounting designation
CGA-Canada will continue to lead in designation growth. To that end, CGA-Canada will support the affiliates to continuously grow the CGA population in both absolute numbers and market share. Through this integration of effort and resources, CGA-Canada and its affiliate partners can ensure that quality remains a top priority throughout the execution of the strategic process. CGA-Canada can support affiliate initiatives by setting entry level and certification targets. CGA-Canada will enforce appropriate quality standards.5
Overview:
The CGA designation is experiencing strong and vibrant growth. The designation continues to be highly attractive for those who wish to become financial and accounting professionals. CGA-Canada now boasts 42,000 members and 26,000 students – a 6.4% increase over the past year.
Innovation, open access and leading edge program delivery will continue to be the hallmarks of the CGA Program of Professional Studies, drawing a continuous stream of new students who eventually become members. The comprehensive curriculum, combined with a variety of advanced degree options, will keep the designation relevant in the years ahead. Recent initiatives by the Office of the Comptroller General to strengthen financial management, accountability and transparency within the federal public sector will also provide additional opportunities for growth of the CGA designation.
Working closely with provincial/territorial affiliates, CGA-Canada will continue to support a cohesive marketing strategy based on the right tactics and constantly evolving program content that addresses key issues in today’s business environment.
Public Sector Initiative
In April 2006, CGA-Canada launched an initiative to support the federal government’s efforts to strengthen financial management and internal audit within the federal government. This initiative comes in response to an election promise aimed at restoring the public’s confidence in their financial leaders. New federal legislation proposes a number of measures to strengthen accountability and builds on initiatives recently introduced to promote learning and professional development in the federal public service.
CGA-Canada has been working closely with the Office of the Comptroller General to discuss opportunities to create partnerships and to outline areas of focus. Recently, a series of meetings and consultations were held with senior financial officers from the public sector to explain why the CGA designation should be the designation of choice for the government’s needs. The presentations proved very successful in highlighting the many benefits and advantages of the CGA designation.
In the year ahead, CGA-Canada will continue to concentrate on building collaborative relationships within the public sector to highlight the strengths of the CGA designation and work to increase awareness of public sector and internal auditor training available as part of the CGA Program of Professional Studies. CGAs working in the public sector will be encouraged to take advantage of CGA-Canada’s advanced standing with the Institute of Internal Auditors to earn a Certified Internal Auditor designation. In addition, promotion of other programs, such as the MBA degree partnerships with post secondary educational institutions will continue. CGA-Canada looks forward to continuing to strengthen the relationship with the federal government and to identify opportunities for future collaboration.
Public Sector Financial Management Course
A new career option certification course, Public Sector Financial Management (PF1) was completed this past year and is now being offered to CGA students. The course is specifically designed for financial professionals in the public sector and is based on information gathered from extensive surveys. PF1 is one of the four courses making up the government/not for profit career option. Also, to make this course content accessible to CGAs in the public sector, it is offered on PD Network – the CGA Professional Development Network online resource.
First Graduates from Laurentian University’s MBA Program
The first 20 graduates of Laurentian University’s new online Master of Business Administration (MBA) program for CGAs received their degrees in October 2005. The combination of a Laurentian MBA and a CGA designation provides graduates with a broad base of advanced business knowledge enabling them to offer strong strategic leadership and to apply a variety of skills and knowledge in a business environment.
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GOAL 3: Be a value provider to the profession and the public
CGA-Canada must ensure that it is providing the best value to three target groups: CGAs, the accounting profession and the general public. For members, this implies the provision of products and services which address their needs. For the profession, CGA-Canada will be committed to delivering the best standards and related research. Finally, for the public, the federation will be committed to providing the best possible public policy input, government committee participation and advocacy on behalf of the broad public interest.6
Overview:
In order to retain and enhance CGA-Canada’s leadership position within the profession, an ongoing priority is to provide members and students with all the tools required to succeed and excel in the marketplace. Whether it is continuing professional development products and services, practice tools and programs, or other services, CGA-Canada provides valuable offerings to meet members’ current and emerging needs.
Likewise, CGA-Canada continues to contribute to the dialogue and discussions on important public policy questions within Canada and internationally, works to play a key contributory role in accounting standard setting, and develops professional and education standards for students and members.
Support for Members in Public Practice
A revised Public Practice Manual was released in November 2005, which provided an update to Volume II in response to the new audit risk model. The next update to the Public Practice Manual was released in May 2006, which incorporated additional audit guidance and checklists adopting the risk based approach.
Professional Liability Insurance
In 2006, CGA-Canada implemented a partially self funded liability insurance model for its members in public practice. Motivated by a continuing desire to control premium increases, the Professional Liability Insurance Committee (PLIC) continues to monitor claims activity and to explore the viability of a full captive model. In 2007, a new online renewal process for practitioners is planned as part of the committee’s commitment to streamline and facilitate the member experience.
Independence Standard
This year, refinements were brought to the CGA Independence Standard as were corollary changes to the Code of Ethical Principles and Rules of Conduct (CEPROC). Now accepted by the CGA-Canada and affiliate boards and endorsed by the Canadian Public Accountability Board (CPAB), CGAs are now governed by their own dedicated CGA Independence Standard.
PD Network
The Professional Development Network (PD Network) website, managed by the Joint Professional Development Initiative, is a practical online resource that enables members to take advantage of continuing professional development opportunities from any location, at any time. It provides CGAs with an online roadmap to professional success with the Competency Assessment Tool (CAT), online learning products, monthly information updates and other services. Currently the PD Network is being redesigned to meet expanding needs.
The CAT, based on the CGA competency framework, allows CGAs to assess their professional development needs, plan career development strategies and access professional development resources.
This year, several new online course offerings were made available on PD Network to members, including Financial Risk Management (available in French and English) and Legal Liability of Employers. Three courses specifically designed for members in the Public Sector are also now available in English: Introduction to Canadian Governments and Financial Management, Issues in Public Sector Internal Management and Accounting in the Public Sector. Also, the GAAP and GAAS Highlights (available in French and English)and the online tax products are updated regularly to ensure members are able to keep pace with the continuously changing standards for the profession.
The PD Network website has been reorganized to help members easily identify other services offered exclusively to them. These services include links to websites that provide information related to human resources and planned giving, as well as access to discounts on many resource materials.
Affinity Programs
CGA-Canada has established partnerships with several companies to provide discounted products or services to members. CGA-Canada also holds insurance programs with a number of providers.
THE DEVELOPMENT OF PUBLIC POLICY
Building Administrative Transparency and Accountability in the Federal Government
In May 2006, CGA-Canada delivered a statement before the House of Commons Legislative Committee on Bill C-2 to indicate our support for Ottawa’s intention to legislate new conflict of interest rules, restrictions on election financing and measures respecting administrative transparency, oversight and accountability. CGA-Canada called on all parties to commit to several measures aimed at restoring Canadians’ shaken confidence in their public and private sector leaders and institutions. Our statement stressed that Bill C-2’s success or failure will hinge largely on the government’s willingness to nurture a new culture of accountability and individual/collective responsibility.
Federal Budget Consultations
CGA-Canada welcomed a wide range of tax relief for business and individuals when the federal budget was delivered in May. The government’s desire to draw attention to the need for a more skilled and educated workforce so the economy can meet the needs of an aging population, was viewed as a positive move. The government’s decision to cut personal and corporate taxes was also seen as essential to remain competitive in a global economy. CGA-Canada challenged the government to follow up on and implement the new initiatives and direction set out in Budget 2006 going forward.
Research
CGA-Canada speaks out on important issues, with the goal of advancing the interests of CGAs and the Canadian public. Over the past year and a half, CGA-Canada continued to contribute to an expanding body of professional knowledge, research and standard setting. Results are fostering significant interest and gaining considerable media attention.
In November 2005, CGA-Canada issued a second report on defined benefit pension plans entitled The State of Defined Pension Plans in Canada: An Update. The goal was to build on the association’s June 2004 publication entitled Addressing the Pensions Dilemma in Canada. The second report outlined the predicted risks and proposed actions for transformation of the pensions situation in Canada. It also examined the nature of funding deficits and provided the public with an update on the state of defined benefit pension plans in Canada.
The report estimated that additional funding required to fully support the number of deficit defined benefit plans has grown from $160 billion at the end of 2003 to $190 billion at the end of 2004. It also suggested that defined benefit pension plans have lost their appeal. The report received considerable media coverage.
In response to widespread interest and increasing relevance to Canada’s financial markets, CGA-Canada found it timely to release a report on income trusts. Entitled Demystifying Income Trusts, the report revealed the nature of income trusts and how they compare to other investment vehicles. Investors and their representatives used the information to become better informed and empowered when making important financial decisions.
A comprehensive discussion on the merits, pitfalls and taxation of income trusts and some of the challenges and uniqueness of income trusts was presented in this report. It was acknowledged that income trusts have become a popular investment vehicle and have established considerable staying power. The report garnered significant coverage through television, radio and print publications.
Over the year ahead, the Research and Standards department will focus on analyzing the unique challenges that small and medium sized enterprises (SMEs) and small and medium sized practices (SMPs) face. Canada’s CGAs believe that appropriate, simplified global accounting and auditing standards should be developed for SMEs and are urging regulators, both in Canada and internationally, to pursue that goal.
ACCOUNTING AND AUDITING STANDARDS SETTING
Exposure Drafts
Over the past year, CGA-Canada has commented on a variety of exposure drafts. Ranging in origin and subject matter, responses included the following:
|
Issuer |
Subject |
|
IASB |
Management Commentary |
|
IFAC |
Assurance Aspects of G3 |
|
Global Reporting Initiative |
Sustainability Reporting Guidelines |
|
AASB |
Global Environment of Standards |
|
CICA – IFA Alliance |
Investigative/Forensic Accounting Engagements |
|
CPAB |
Rule Amendments |
|
AcSB |
Business Combinations |
|
Department of Finance |
FINTRAC |
|
IFAC |
Audit Professional Competencies |
|
AASB |
Use of Audit Report – Consent |
|
AcSB |
Future Directions |
|
IASB |
Role of Domestic Standards Setters |
|
IASB |
Recognition and Measurement |
|
IAASB |
Materiality - Misstatements |
Domestic Standards Setting
Towards the end of 2005, CGA-Canada finalized a Memorandum of Understanding with the Canadian Accounting Standards Board (AcSB) whereby CGA-Canada would, through secondment, assign a CGA to work within the AcSB. Predominantly occupied with the Emerging Issues Committee (EIC) of the AcSB and SME research initiatives currently underway, the incumbent shall work from the Toronto, Ontario offices of the AcSB and be engaged in the work of typical “Principals” with the AcSB.
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GOAL 4: Protect and enhance our leadership position in the delivery of education, certification and continuing professional development
At the heart of this strategy is CGA-Canada’s goal to further develop itself as a leader in education, certification, and continuing professional development. We must be leaders in addressing market needs while always being mindful of the changing needs and values of our members. Being adaptable to change is a key element to the success of this strategy. Even more important is that CGA-Canada will take an active role in shaping the changes that occur. By being proactive, we can ensure that CGA-Canada is a key player in determining the direction the profession takes in the future.7
Overview:
CGA-Canada will continue to develop and enhance the CGA Program of Professional Studies in order to meet the challenges of an ever evolving professional marketplace. Methods of program delivery will be advanced through implementing current technologies. Working with key stakeholders (employers, members, recruiters and students), new areas of focus will be identified for accounting education and continuing professional development within the global landscape, and the strategic positioning of the CGA designation will be maintained as a world class leader in professional education.
The CGA Program of Professional Studies
Certification Model
CGA-Canada continues to lead the profession by providing accounting education that addresses the needs of the business community. The CGA Program of Professional Studies provides the comprehensive, requisite background necessary to proceed to the Professional Applications and Competence Evaluations (PACE) level.
This year, a second Professional Applications (PA) course and examination was developed for the PACE level. Similar to the existing PA1 examination, PA2 is a competency based examination that requires the student to define, analyze and solve a wide range of business problems. Both examinations provide opportunities to demonstrate competence in the areas of general management, leadership, professionalism and technical knowledge. They challenge students to integrate and apply the knowledge, skills and professional values required to make tough business decisions.
Most significantly, the two courses and examinations require candidates to analyze business and accounting challenges from two different perspectives. PA1, Issues in Professional Practice, considers the accountant external to the association, providing business advisory services ranging from business consulting to audit services. PA2, Strategic Financial Management, considers the perspective of the strategic financial manager within the organization. The first PA2 course will be offered in September 2006.
The Professional Applications courses and examinations are part of the enhanced certification model announced by CGA-Canada in December 2004. They ensure that the CGA Program of Professional Studies remains at the forefront of Canadian accounting certification.
Practical Experience Assessment Questionnaire (PEAQ)
The importance of practical experience and the need to keep the knowledge and skills of a professional accountant current were found to be fundamentalrequirements for CGA practitioners in the 2003 CGA Practice Analysis. A practical experience workgroup was formed from the Directors of Education and CGA-Canada staff to update the PEAQ to be consistent with these survey findings. The workgroup was also formed to harmonize policy and procedures across the CGA Federation that pertain to verification of students’ practical experience.
The policy, approved by the National Education Committee in July 2005, was developed to strengthen the process used by CGA-Canada and to validate the qualifications of a supervisor who signs off on a candidate’s employment experience. It was also developed to ensure harmonization among affiliate offices on a minimum standard of competencies for students. This standard is applied throughout the PEAQ in a uniform manner by all affiliate offices. An online version of the PEAQ form was developed over the past year that ensures candidates comply with the reporting and evaluating practical experience requirements. Concurrently, a procedures manual is being developed to harmonize procedures used among affiliate offices to verify students’ practical experience.
The approved policy on practical experience meets or exceeds IFAC’s International Education Standard (IES) 5 on practical experience requirements for qualification as a professional accountant by identifying the minimum requirements for practical experience of a newly certified CGA. In addition, the policy addresses IES 5 issues on monitoring, control and review of practical experience by:
- clarifying the practices for monitoring and controlling the evaluation process;
- emphasizing the qualifications required for verification and review of practical experience; and
- responding to issues of work experience for foreign trained professionals.
New Award for CGA Students
CGA-Canada’s Awards of Excellence are given annually to the highest academic achievers for each level of the Program of Professional Studies, while the Top Ten Recognition Awards acknowledge the achievement of candidates who have completed their certification requirements.
The Porter Hétu International Award, named after the 14th largest public accounting firm in Canada, was created to recognize scholastic excellence in the CGA Program of Professional Studies and awarded for the first time this year. This award is given to a newly certified CGA graduating from the public practice career option who obtains the highest final course mark in Auditing 2.
The Online Delivery of CGA Courses
CGA-Canada is currently reviewing the Learning Management System (LMS), the system used to deliver courses online. The system’s impact on business processes and workflows will also be evaluated and a cost benefit analysis will be completed in the year ahead.
Partnership with Sage Software
A new strategic partnership was established in April 2006 between Sage Software and CGA-Canada. The association has now officially adopted Sage Accpac Enterprise Resource Planning (ERP) as its official accounting system for students who are working towards their CGA designation. Sage Software and CGA-Canada first established a strategic partnership for technology training for CGAs in 1985, and have continued to work together to deliver technology platforms. Sage Accpac ERP is an advanced, web based accounting and business management program. It will ensure students are well prepared by giving them an opportunity to work with software they are certain to encounter in the workforce.
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GOAL 5: Increase our visibility and achieve high brand recognition and value
Increasing CGA-Canada’s profile by making it more visible to business leaders and the general public is vital to the successful promotion of the CGA designation. CGA-Canada is committed to being proactive and aggressive in promoting the designation’s brand recognition. The key to achieving this strategic goal will be to actively seek out, establish and develop strong relationships with key stakeholders who can provide CGA-Canada with the opportunities necessary to achieve greater exposure.8
Overview:
Establishing the CGA brand as a well recognized and high profile brand is critical to our continued growth and success. Using all vehicles and opportunities available, increased brand recognition in the marketplace will be a strong focus. The presence of CGA Magazine, high profile sponsorships, highly visible special events of all types, public policy pronouncements, advocacy activities and innovative research, have all strongly supported the CGA brand’s evolution in the past three years. Through these types of activities, CGA-Canada’s visibility will increase and the public’s positive perception of the CGA designation will grow.
Sponsorships
The Power Within
In March, 2006, CGA became a sponsor and supporter of The Power Within events. These feature high profile speakers such as former U.S. president William Jefferson Clinton, seven time Tour de France champion Lance Armstrong, and former CEO of Sony Entertainment Peter Guber. These events, which took place in Ottawa and Vancouver on March 6 and 10, offered a unique strategic opportunity to promote the CGA brand to a high profile market of key business decision makers.
Canada’s Top 40 Under 40
CGA-Canada is a platinum sponsor for a three year period of Canada’s Top 40Under 40 Awards Program. As a platinum sponsor, CGA-Canada president and CEO Anthony Ariganello was named honourary vice chair of the program. The association will be prominently featured in all advertising related to the program, including recognition in The Globe and Mail, all promotional material, signage, and the program’s web site.
This national program celebrates the achievements of 40 Canadians in the public, private, and not for profit sectors who have reached a significant level of success before the age of 40. Introduced in 1995, Canada’s Top 40 Under 40 is intended to promote mentorship and professional development among this group, and establish these individuals as role models for young Canadians. Candidates are nominated in one of the following categories: Vision and Leadership; Innovation and Achievement; Impact Growth/Development Strategy; and Community Involvement and Contribution. CGA-Canada embraces the values symbolized by Canada’s Top 40 Under 40 award winners’ achievements.
Economic News Luncheons
In its eleventh year, the highly successful CGA-Canada Economic News Luncheon series hosted three national speakers in 2005-06. These events provide a forum for leading figures in Canadian politics, industry, and finance to speak out on a wide range of issues that affect CGAs and the public at large.
Speakers included:
- Dr. Sherry Cooper, executive vice president, BMO Financial Group. Dr. Cooper is chief economist, BMO Nesbitt Burns and global economic strategist, Harris Bank;
- Nancy Hughes Anthony, president and CEO, The Canadian Chamber of Commerce; and
- David A. Brown, Q.C., Davies Ward Phillips and Vineberg LLP, former chair, Ontario Securities Commission.
CGA Magazine
CGA Magazine continues to be CGAs’ source for information on current issues and strategic considerations relevant to professional accountancy and business. It includes discussions on news and trends in the business and regulatory environment in which accountants perform their business. Printed six times a year, the magazine is distributed to 70,000 CGAs, students and leaders in the business, government, education and regulatory communities.
Building the CGA Brand Internationally
As CGA-Canada builds on the strength of national and international relationships and takes on new initiatives, awareness and understanding of the designation continues to grow. Six CGAs have now secured international appointments that will ensure CGA-Canada’s perspectives and priorities are communicated to decision makers and stakeholders on the international stage.
International Federation of Accountants (IFAC)
IFAC reappointed Sylvie Voghel, FCGA, to serve another three year term on their board of directors at their annual general meeting in New Zealand in November 2005. In a move that recognizes the importance of the small and medium practices (SMP) sector, the board also established the IFAC Small and Medium Practices Committee (SMPC) and appointed Ms. Voghel as its chair. This new committee evolved from the SMP task force, struck in 2001.
Dale Gislason, FCGA was reappointed for a one year term as a member of IFAC’s SMP Committee. Mr. Gislason has been serving on this committee, which originally began as a task force, since 2001.
Interamerican Accounting Association (IAA)
Pierre Barnès, BIBC, B.Sc., FCGA accepted the position of president of the IAA in October, 2005. Mr. Barnès will lead the IAA in pursuing their objectives over the next two years. The IAA strives to promote a strong, cohesive accounting profession and represents more than 1.1 million professional accountants within North, Central and South America. The IAA’s views on SMP/SME issues are now being discussed by international accounting bodies such as IFAC. CGA-Canada is an active supporter of the IAA and is one of 35 associations that make up its membership.
International Association for Accounting Education and Research (IAAER)
Michel Guindon, MBA, PhD, FCGA has been a key contributor to CGA-Canada over a number of years. Dr. Guindon is now vice president of the IAAER and has been granted observer status on IFAC’s International Accounting Education Standards Board (IAESB).
International Accounting Standards Board (IASB)
CGA-Canada’s chair for 2005-06, Dany Girard, BBA, FCGA was appointed to the International Accounting Standards Board’s (IASB) working group on Accounting Standards for SMEs in April 2005.
Fédération Internationale des Experts-Comptables Francophones (FIDEF)
Jean Précourt, FCGA represents the association as one of two vice presidents of FIDEF and will assume the role of president on October 11, 2006 for a two year term. One of his primary goals in this role will be to explore how the CGA Program of Professional Studies might address the needs of some FIDEF members.
CGA-Canada has been a member of FIDEF since 1996. FIDEF is an international organization of professional accounting organizations from 24 countries where French is a common language of the accounting profession. CGA-Canada is the only North American member.
The Institute of Chartered Accountants of the Caribbean (ICAC)
ICAC aims to develop and enhance the accountancy profession in the Caribbean. ICAC is the umbrella association representing nine territorial institutes from Barbados, Jamaica, Guyana, St. Kitts and Nevis, Trinidad and Tobago, Belize, Antigua and Barbuda, the Bahamas and St. Lucia.
The ICAC board previously recognized CGA-Canada as a qualifying accounting body in the Caribbean. Eric Bartlett, FCGA, past chair of CGA-Canada and the association's representative on the ICAC board, played a key role in obtaining recognition by the institute. The Institute of Chartered Accountants of Jamaica (ICAJ), however, did not initially recognize CGA-Canada as a qualifying accounting body.
After many years of effort, in October 2005, ICAJ advised that CGA-Canada would be recognized. In February this year, CGA-Canada representatives met with several ICAJ board members to lay the groundwork for introducing the program of studies in Jamaica. Further discussions were held in conjunction with the Institute of Chartered Accountants of the Caribbean board meeting and conference.
The United States Agency for International Development (USAID) Proposal
USAID works with other bodies throughout the world on projects to ensure global health. This organization has been operating an economic development program in Central Asia and other countries in the former Soviet Union for the past decade. Last year, CGA-Canada agreed to allow USAID to publish and distribute copies of seven international syllabus (Intersyl) courses in the former Soviet Union, to be used for training and support of their two new educational programs.
In keeping with CGA-Canada’s strategic goals, CGA-Canada is currently in discussions with USAID and other stakeholders to undertake a new project that will enhance the development of the profession in the region. The project is consistent with the goal of raising the international profile of the CGA designation and contributing to the development of the global profession.
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GOAL 6: Ensure the health of the organization
In order to achieve all other strategic goals, it is essential that CGA-Canada remain a healthy, sound and vibrant organization. Establishing the financial and human resources required to achieve its mandate, while ensuring that governance, management tools and working relationships are in place will be essential to making CGA-Canada’s mandate a reality. CGA-Canada seeks to be a model organization that others will emulate. It will pursue the highest standards in all respects from its programs and services to the organizational elements required to operate efficiently and effectively.9
Overview:
Sound organizational health is the key to achieving the goals set out in CGA-Canada’s Strategic Plan. With the proper resources at hand, a fully aligned organizational structure and a firm grip on knowledge and information management, continued success will be achieved. Organizational efficiency and effectiveness measures are constantly under review as CGA-Canada’s human talent, available resources and governance structures are maximized. Going forward, the right technology solutions will be used to execute requirements, while a positive and productive corporate culture will continue to be nurtured.
Governance Task Force
The right governance process is crucial in order for CGA-Canada to be effective, efficient and responsive to challenges that affect the profession. The Governance Task Force has been mandated to review CGA-Canada’s governance structure. Its role is to review the effectiveness of the association’s current processes and procedures. The task force will explore new governance models and practices and bring forth recommendations to the board of directors for consideration and approval over the course of the year.
Knowledge Management
Recognizing that the effective management of our institutional knowledge is critical to our success, CGA-Canada has been working to improve the management and utilization of its corporate knowledge base.
The implementation of Microsoft’s SharePoint platform has begun, with a significant and positive impact on team projects. Currently an assessment is underway to determine the organization’s needs for a stakeholder relationship management system – known as CRM in the broader business environment. Implementation of a suitable platform will commence in the coming fiscal year.
Support for the CGA Shared Services Facilities Corporation (SSF)
The CGA Shared Services Facilities Corporation supports the technology needs of a number of CGA affiliates, assisting them in effectively managing information through software programs and structures. CGA-Canada is helping the SSF to implement a new association management solution acquired recently from a commercial vendor – Aptify. The new system will be implemented by July 2007. In addition, CGA-Canada has completed five years of service to the SSF as the general manager. Starting in July 2007,CGA Manitoba will take over this function.
Maximizing CGA-Canada’s Human Talent
CGA-Canada is focusing on nurturing a vibrant corporate culture which encourages creativity, productivity and employee satisfaction. Staff focus groups have been held, and a thorough assessment of CGA-Canada’s employment policies and practices is underway.
This will be complimented by a business process review which will be undertaken in early 2006-07, to explore how CGA-Canada business processes achieve results and to make recommendations for improvements.
CONCLUSION
For CGA-Canada the 2005-06 fiscal year has been a time of sharp focus and significant progress on all fronts. Due to the combined activities of CGA-Canada and the provincial/territorial CGA affiliates, the reputation and recognition of the CGA designation has grown significantly.
As a collective whole, CGA-Canada is working to address the many professional and regulatory challenges that the profession faces. The organization and the designation are being positioned for future growth and power – at home and on the international stage.
Going forward, another period of rapid change and the impacts of a further globalized world economy lie ahead. Given the strength and continued growth of our designation, we can be confident about the future and about the increasingly important role CGAs will play, for the benefit of the profession and the broader public interest.
4Ibid., 38.
5Ibid., 39.
6Ibid., 40.
7Ibid., 41.
8Ibid., 42.
9Ibid., 43.
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