GOAL 1: Ensure full professional equity for CGAs
Ensuring full professional equity for CGAs is an important step 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.
We are encouraged again this year by several events that signal that our association is having a significant impact on a variety of important fronts.
CGAs in Quebec Gain Full Practice Rights
New legislation adopted by the Quebec National Assembly in December ended a long dispute over the provision of public accounting in the province. Scheduled to come into force by December 2008, the legislation will allow CGAs and other professional accountants who hold an auditor permit to practice the full scope of public accounting. Each accounting body will set the standards and rules by which the auditor permits will be issued.
Public Accountants Council in Ontario Continues Review
CGA-Canada continues to support CGA Ontario in meeting the requirements to become an authorized designated body as specified by the Public Accountants Council for the Province of Ontario (PAC). Authorized designated body status will give CGA Ontario the authority to issue public accounting licences to its members.
National Coalition on Internal Trade
On the first anniversary of TILMA (the Trade, Investment and Labour Mobility Agreement) between Alberta and British Columbia, CGA-Canada, a member of a national coalition of 10 business, industry and professional associations, urged Ottawa take the lead in improving trade across Canada. The national coalition maintains that it is often more difficult to move goods and services across provincial boundaries than over our international borders.
The coalition called for: a set of open trade principles designed to ensure a free and open market; an internal trade tribunal accessible to all Canadians; implementation of all outstanding rulings by panels established under the 12-year-old Agreement on Internal Trade, and an agreement that all tribunal orders and existing panel decisions would be subject to enforcement by the courts, at the option of the disputants.
Canadian Public Accountability Board (CPAB)
CGA-Canada has long expressed deep concern about the lack of transparency, independence and inclusivity of the CPAB and has advocated for reform. The association was, therefore, extremely pleased when the Ontario Superior Court handed judicial victory to CGA-Canada by refusing to quash its application for judicial review of the CPAB.
Competition Restricted, Bureau Confirms
In its report, Self-Regulated Professions: Balancing Competition and Regulation, the Competition Bureau of Canada called on accounting bodies across the country to tear down traditional barriers to public accounting and to allow all accountants to perform all types of auditing. CGA-Canada welcomed the study, noting that it sends a signal to governments that barriers that impede access to public accounting have restricted competition and should be removed. CGA-Canada was a contributor to the bureau’s policy review process.
The association noted that the report makes it clear that it is not necessary to impose one accounting body’s education system and detailed mandatory curriculum on other accounting bodies in order to maintain high standards. Indeed, CGA-Canada emphasized that it is the responsibility of each autonomous regulatory body to set high, internationally recognized standards of competence for their members and to ensure members meet those standards.
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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.
These are the key elements that must be in place for the federation to meet this goal. The right recruitment strategy is vital to attracting new members and students. Ensuring that programs are up to date in addressing current professional issues will further promote the growth of students entering our program.
CGA-Canada continues to expand opportunities to enrol in the CGA Program of Professional Studies. Again this year, the association reached out to international students, making options available for students at the Institut National des Techniques Economiques et Comptables (INTEC), a public, post-secondary institution in France. As well, a new agreement announced in April with CPA Australia offers members of both organizations numerous networking and career development opportunities, including reciprocal membership.
Agreement Receives French Profession Support
CGA-Canada had been in discussions with the French accountancy bodies and INTEC. As result of those discussions, the association this year signed a cooperation agreement with INTEC, with the support of the Conseil Supérieur de l’Ordre des experts-comptables (CSOEC) and the Compagnie Nationale des commissaries aux comptes (CNCC).The agreement will foster cooperation between CGA-Canada and the French accounting profession, and enhance the mobility of students and professionals in both countries through mutual recognition of their respective programs of professional studies.
CGA Executive Program to Grow
A pilot CGA Executive Program was launched in September in Ontario. The program combines an 18-month program of online and in-person course work for seasoned senior leaders in both the public and private sectors, culminating in the CGA designation. Additional intakes will be available this fall, in both Ottawa and Toronto. Negotiations are underway for a similar offering in British Columbia.
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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, CGA-Canada will be committed to providing the best possible public policy input, government committee participation and advocacy on behalf of the broad public interest.
CGA-Canada provides value to a wide spectrum of interest groups – from CGAs who rely on the association to provide services and information, to members of the general public who look to accounting associations to play a role in protecting their interests in matters related to financial reporting, ethics and business leadership.
In addition to providing member services, CGA-Canada provides comment on a number of areas of interest to the public, among them taxation, securities regulation, accounting and auditing standards, professional standards for accountants, and internal trade.
CGA-Canada Contributes to Securities Panel
The federal Finance Minister announced the creation of an Expert Panel to Review Securities Regulation. CGA-Canada’s submission called on the panel to examine reform of the structures that set financial reporting standards and oversee auditors. The panel’s final report is due by the end of 2008.
Federal Budget Input and Commentary
Each year, CGA-Canada participates in the consultations leading up to the federal budget and provides comment on budget day. This positions CGA-Canada as an informed and credible source of information and advice on matters relating to Canada’s tax and fiscal policy.
The process begins with a presentation of the pre-budget brief to the House of Commons Standing Committee on Finance. This year the association’s brief, Paving the Way to Prosperity: It’s Time for Real Tax Reform, focused on the need for a fundamental review, revamping and restructuring of Canada’s taxation policy and system. It suggested that the federal government appoint an independent panel of experts to undertake the review.
The brief also addressed the need for lower personal and corporate income taxes, changes to the Education Tax Credit, improvements to the regulatory and taxation environment for Canadian businesses, as well as the need to attract and retain workers to deal with skilled labour shortages and Canada’s aging population.
In its 2008 budget commentary, CGA-Canada welcomed the government’s efforts to protect Canada from economic fallout from south of the border and the continuing pressure of a rising Canadian dollar on the manufacturing sector. It had, however, hoped for more direct support to the manufacturing sector and to individuals through tax reductions.
CGA-Canada: A Presence on Parliament Hill
CGA-Canada contributes to public policy discussions and consultations in part by making presentations and submissions to Senate and House of Commons committees. This year, the association delivered policy recommendations to the:
Department of Finance, and Human Resources and Social Development on draft legislative proposals to implement the Registered Disability Savings Plan
House of Commons Standing Committee on Finance, Pre-budget Consultations – Paving the Way to Prosperity: It’s Time for Real Tax Reform
Joint Finance Canada/Canada Revenue Agency Scientific Research and Experimental Development Tax Incentive
Industry Canada’s Competition Policy Review Panel – Sharpening Canada’s Competitive Edge
Statutory Review of the Personal Information Protection and Electronic Documents Act
House of Commons Standing Committee on Industry, Science and Technology – Review of Canada’s Service Sector.
Expert Panel on Securities Regulation
Advisory Panel on Canada’s System of International Taxation
Financial Action Task Force on Money Laundering
Elections E-Guide for Campaign Auditors
To assist with compliance with the Federal Elections Act, CGA-Canada developed and published an interactive guide. The guide will assist CGAs and others who either volunteer or provide their services during election campaigns. The guide will also help candidates and official agents understand the stringent financial reporting requirements of the Canada Elections Act.
The Year’s Sponsorships
Parliamentary Internship Program
CGA-Canada is a sponsor of this program that provides 10 university graduates from across Canada the opportunity to learn first-hand about Parliament and federal politics.
Canadian-American Business Council (CABC)
As a member of the CABC, the association sponsored and attended a conference in Toronto in November entitled: Defining the Canada/U.S. Relationship in the 21st Century.
Canada’s Top 40 Under 40
This was our third year as platinum sponsor of the Caldwell Partners Top 40 Under 40 awards. The program honours Canadians under the age of 40 who have shown outstanding leadership and community contributions.
The Canadian Academic Accounting Association (CAAA)
The CAAA’s 2008 conference was held in Winnipeg in late May. CGA-Canada was a titanium level sponsor and partnered with CGA Manitoba and CGA Ontario to ensure a strong CGA presence. CGA-Canada organized a session on ethics in accounting education and Jim Gaa, FCGA, highlighted the CGA Ethics Readings Handbook.
Institute of Chartered Accountants of the Caribbean (ICAC)
CGA-Canada was a gold sponsor of ICAC’s annual Caribbean Conference of Accountants, held in June 2008 in Trinidad and Tobago.
Jack Webster Awards
A sponsor of the Jack Webster Awards for Excellence in Journalism since 2002, CGA-Canada supported the awards again in 2007, in partnership with CGA-BC.
Financial Management Institute of Canada
CGA-Canada sponsored the Financial Management Institute’s annual conference, also known as the Public Sector Management Workshop. This year the two-day event was held in Quebec City, June 8 - 10, and coincided with the city’s 400th anniversary. The conference was well attended by senior public servants.
Financial Executives International
CGA-Canada sponsored the closing luncheon and hosted a booth at the Financial Executives International Canada annual conference held in Jasper, Alberta. Some 350 senior financial executives from across Canada attended the event, held June 9 to 11. This is the sixth year CGA-Canada has sponsored the conference.
Eighth Research Report Released
As a national accounting association, CGA-Canada contributes to the discussion around issues of public importance by conducting research and participating in policy discussions. Since 2004, CGA-Canada has published eight research papers. In October, CGA-Canada released Where Does the Money Go: The Increasing Reliance on Household Debt in Canada. Among the report’s many recommendations: Governments should consider establishing a tax pre-paid pension savings plan and other saving incentives specifically designed for lower income earners. (In its 2008 budget, the federal government did introduce a tax-free savings account. Beginning in 2009, adult Canadians can put up to $5,000 a year in the new accounts. Contributions aren’t tax-deductible, but interest and capital gains accumulate tax-free.)
Exposure Draft Responses
Critical to the work of a national accounting association is providing input to the standards setting process. Exposure drafts play an important role. This year, CGA-Canada provided responses to the following:
Canadian Securities Administrators Concept Paper on: Possible changes to securities rules relating to International Financial Reporting Standards
Auditing and Assurance Standards Board on: Preface to the Canadian Standards on Quality Control, Auditing Review, Other Assurance and Related Services
International Auditing and Assurance Standards Board on: Communicating Deficiencies in Internal Control and Related Conforming Amendments to Other ISAs
International Auditing and Assurance Standards Board on: Proposed Redrafted International Standard on Auditing and International Standard on Quality Control
International Auditing and Assurance Standards Board on: Proposed Strategy for 2009-2011
Accounting Standards Board on: Financial Reporting by Private Enterprises
International Accounting Standards Board on: International Financial Reporting Standard for Small and Medium-sized Entities
Dialogue Highlights Skills Gap
CGA-Canada published the third issue of Dialogue, its national publication, in spring 2008. This issue, which explores Canada’s growing skills gap, targets two key CGA-Canada audiences – employers and the academic community.
Expertise Tapped by IFAC
CGA-Canada was awarded the contract by the International Federation of Accountants (IFAC) Small and Medium Practices Committee to develop the quality control guide for small and medium accounting practices (SMPs) around the world. The guide will assist SMPs to comply with international standards and enhance the expertise, competence and efficiency of professional accountants working in public practice.
More Success in Azerbaijan
This year was the third consecutive year CGA-Canada was awarded a capacity-building project in Azerbaijan. The latest project involved developing the institutional framework, standards and syllabi for corporate and public sector accounting, auditing and financial management education. A team of experts from CGA-Canada successfully completed the project in February.
Member Services
Public Practice Manual Available Online
The Research and Standards and IT teams at CGA-Canada collaborated to develop the online version of the Public Practice Manual (PPM). It was launched in June 2008, with subscriptions growing constantly.
PPM Online is designed to provide practitioners and their staff easy access to the most up-to-date professional practice materials, from anywhere. Vastly enhanced search functionality allows users to quickly locate what they need and they can bookmark the files used most frequently.
Files are structured around topics representing the main service areas in the profession. Main topics are then broken down into sub-topics. Documents relevant to each topic and sub-topic are grouped together so users can find all the resources needed to perform a particular type of service. The most commonly used documents are highlighted, and practice aids are readily available.
PD Net Offers Courses to the Public
PD Net, the online professional development resource for CGAs and business professionals, has made its courses available to the public. PD Net contains a vast searchable content library, as well as a competency assessment tool available for all subscribers. The site also supports the association’s recognition agreements with the Association of Chartered Certified Accountants and CPA Australia by hosting prerequisite online courses.
International Member Listing Online
Acting on a recommendation of the Legacy Review Task Force, an international roster was developed and is available on the international section of the CGA-Canada web site. Members currently can be found in more than 80 countries. The roster provides information to the public about members who are entitled to use the CGA designation, and provides a means for the public to raise questions or concerns. It includes all members who have a business address outside of Canada.
CGA Magazine Delivers
Following an extensive redesign in 2007, CGA Magazine’s editorial strategy and design continue to evolve. This publication remains CGAs’ foremost resource for information on current issues and relevant trends in the business world. Printed six times a year, the magazine is distributed to 70,000 CGAs, students and leaders in the business, government, education, and regulatory communities. In January 2008, CGA-Canada produced a special issue of CGA Magazine commemorating the 100th Anniversary of the association.
Insurance Renewal Online
Aon Reed Stenhouse Inc. is the new insurance broker for the CGA-sponsored insurance program, including professional liability insurance and the practitioner office contents coverage. An online renewal process is available and plans are underway to extend coverage to include a practitioner assistance program as well as a client identity theft program.
Partnership with Laurentian University Renewed
The association’s partnership with Laurentian University was extended for another five years. Laurentian University offers two online degrees for CGAs and CGA students: the Honours Bachelor of Commerce and the Master of Business Administration.
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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.
CGA-Canada is renowned for the highest quality education, certification and continuing professional development. The CGA Program of Professional Studies is constantly reviewed and updated to ensure it meets the needs of today’s businesses.
New Strategic Plan for Education Approved
The National Education Committee approved the Education department’s ambitious new strategic plan, which provides for the long-term sustainability of the CGA program. The plan is based on three principles: excellence, flexibility and certification. It emphasizes the need for professional education to meet the high demand for job-ready professionals to serve the broader business community.
Full-scale Practice Analysis Underway
CGA-Canada is updating its competency framework through a full-scale practice analysis. The analysis will ensure that the competency framework reflects the current and future skills required by accountants and financial leaders. Results of an extensive member survey to confirm phase one’s Practice Analysis findings were to be reviewed by a Blue Ribbon Committee of seasoned CGAs and FCGAs.
Blackboard System to Go National
This fall, all students in the CGA Program of Professional Studies will be using the Blackboard learning management system. The system, to be administered nationally by CGA Ontario, provides a standardized online learning environment. Each affiliate, however, will be able to deliver regional content. CGA Ontario has used Blackboard since 2000.
Course Development Continues
CGA-Canada had another productive year developing publications and educational materials. Publications and products were developed for the CGA Program of Professional Studies, Southern Alberta Institute of Technology, Laurentian University Honours Bachelor of Commerce and online MBA, post-secondary sales and international versions of CGA courses that are based on International Financial Reporting Standards and International Standards of Auditing.
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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.
The association’s public profile and recognition is fundamental to its success. Recruitment, advocacy and external relationships all rely on the strength of the CGA brand. This year, CGA once again leveraged its research to earn media attention, developed partnerships, and promoted its awards, conferences and publications to build awareness of the CGA designation.
Building the CGA Brand Nationally
CGA-Canada’s National Branding project is well underway. With the assistance of leading brand consultants and our affiliates, the association has researched and consulted widely over the last year. The next exciting phase involves developing and executing a national campaign.
CGA-Canada Celebrates its Centennial Anniversary
The association launched its 100th Anniversary on February 11 by announcing its search for
100 CGAs who have made a difference. Commemorative items produced for the anniversary included a desk calendar, a brochure, a souvenir issue of
CGA Magazine, a lapel pin, a
stand-alone banner, a tagline and special mark, and a mini web site. The 100 exemplary CGAs were to be announced in late summer.
Summit on Skills and Learning
A CGA-Canada Summit on Skills and Learning was held jointly with the Public Policy Forum in late May at the National Arts Centre in Ottawa, following a series of eight regional consultations. Participants at the full-day gathering discussed the state of skills and learning in Canada, considered the challenges facing current initiatives and recommended ways to improve their focus and delivery.
On the eve of the Summit, with five CGA Members of Parliament acting as honorary hosts, CGA-Canada hosted a 100th Anniversary reception at the Rideau Club for parliamentarians. About 150 guests attended the event including more than 60 MPs and Senators from all political parties. Revenue Canada Minister Gordon O’Connor delivered remarks on behalf of the federal government.
Web Site Updates Look and Feel
CGA-Canada launched its new web site, which has a more contemporary design and updated navigation features. The updated look and feel is being applied to numerous other external communication products.
CGA-Canada Delivers IFRS Training
CGA-Canada partnered with Association of Chartered Certified Accountants to offer IFRS training sessions in four Canadian cities in May and June 2008. During the two-day conferences, accounting professionals shared their technical expertise on how to prepare for the transition to IFRS. Participants developed a better understanding of IFRS, enhanced their knowledge of the standards, and learned how to apply the standards in their work environments.
Also, PD Net has a host of relevant articles, online courses, webcasts and links available and more are planned.
New MRA with CPA Australia
A mutual recognition agreement (MRA) between CGA-Canada and CPA Australia was signed in Melbourne on March 31 and announced in Canada on April 8. The MRA identifies areas for joint initiatives, including research and advocacy and gives members enhanced international mobility. It offers significant benefits to CGAs, notably those who work internationally or for multinational firms, and details how members of CPA Australia and CGA-Canada can gain reciprocal membership. The association has a long and proud history of delivering outstanding value to its members and advancing the profession internationally. Along with our distinguished new partner, CPA Australia, we are determined to accomplish even more on the world stage.
Report Garners Unprecedented Coverage
CGA-Canada uses various external communications tactics to raise the profile of the association. Research materials provide an excellent opportunity to earn media coverage. Where Does the Money Go: the Increasing Reliance on Household Debt in Canada, a research report released in October, obtained more than 35 million media impressions, the association’s most successful single media launch ever.
Print Advertising Promotes Centennial and MRA
Newspaper advertising included promotion of CGA-Canada’s Centennial Anniversary and its MRA with CPA Australia. In addition, printed materials and online information were developed to support the association’s sponsorships, events and conferences. Speeches and presentations were also produced for staff and delegates who attended numerous local, national and international events.
Outstanding Achievers Recognized
CGA-Canada recognizes students who exemplify the professionalism and expertise for which the CGA designation is known. In recognizing outstanding academic achievement for the 2006-07 academic year, 18 awards were presented to 17 new CGAs and students at provincial admission-to-membership ceremonies.
Fellowship Granted to 29 CGAs
In November 2007, CGA-Canada granted 29 FCGA awards. The highest honour granted by CGA-Canada, this award recognizes CGAs who provide exemplary service to the association, the profession, or the public.
International Delegates: Vital Ambassadors
CGA-Canada’s international delegates play a significant role in raising the profile of the CGA designation and providing expertise to professional bodies and organizations. They are vital to the association being recognized internationally.
Jackie Poirier, FCGA, was appointed to the executive committee of the Confederation of Asian and Pacific Accountants for a four-year term, beginning November 2007. Ms. Poirier, past chair of CGA-Canada, is the sole Canadian representative on the committee.
Dany Girard, FCGA, has contributed to the IASB’s SME working group and serves on the board of the Fédération internationale des experts-comptables francophones (FIDEF).
Sylvie Voghel, FCGA, is a board member of the International Federation of Accountants (IFAC) and is chair of the IFAC SMP committee.
The term of Pierre Barnès, FCGA, as president of the Interamerican Accounting Association, one of four regional organizations recognized by IFAC, came to an end in the fall of 2007.
Jean Précourt, FCGA, serves as president of FIDEF until October 2008.
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GOAL 6: Ensure the health of the association
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.
In order to ensure that a strong operational framework is available to implement CGA-Canada’s six strategic goals, the association’s operations are under constant review with an eye to ensuring overall organizational effectiveness and efficiency.
Streamlined Governance to Bring Efficiencies
CGA-Canada approved a more effective and efficient governance model for the association at its annual general meeting in St. John’s, Newfoundland in September. The new two-tiered governance model will have a Board of Directors comprised of 11 directors and an Affiliation Council comprised of delegates from each affiliate. The Board also includes a public representative, strengthening the association’s commitment to the public interest. The new model, designed to provide greater strategic focus and a streamlined structure, takes effect after the annual general meeting in October 2008.
CGA-Canada Acquires New Offices
CGA-Canada has a bright and thoroughly modern workplace for its 125 Vancouver-area staff. After months of anticipation, employees moved into the newly completed office building in south Burnaby’s Glenlyon Business Park in June 2008. The building’s purchase is expected to ensure the health of the association by reducing costs and providing a real asset for the future. CGA-Canada is leasing a portion of the building.
Caribbean Assumes Local Leadership
CGA-Canada solidified its long-standing relationship with the Caribbean with the signing of an affiliation agreement in December. CGA Caribbean includes the former CGA Barbados affiliate and encompasses the entire English-speaking Caribbean region. The pact introduces local leadership, a greater sense of community among CGAs in the region and a stronger voice for members.
Contact Management System Established
CGA-Canada’s computerized BlueBook contact management system is in place. The enterprise-wide, relationship management system is designed to improve collaboration and data sharing among employees and across departments.
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The Year Ahead
It’s been 100 years since John Leslie and two fellow Canadian Pacific Railway accountants formed what would become CGA-Canada. Their group, they determined, would “encourage improvement in skills and job performance” among serious, like-minded accountants. Today, CGAs are highly respected business leaders – well-rounded professionals with expertise in accounting, auditing, taxation, finance, information technology, ethics and management. What an extraordinary evolution.
The new fiscal year promises to be a special one in many ways. It does, after all, mark the beginning of the association’s second century. It will also be the year the association unveils a reinvigorated national brand, one that will reverberate from coast-to-coast.
The year ahead holds enormous promise for continued growth and new successes. To our future!
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