- Ensure full professional equity for CGAs
- Be the fastest growing accounting designation
- Be a value provider to the profession and public
- Protect and enhance our leadership position in the delivery of education, certification and continuing professional development
- Increase our visibility and achieve high brand recognition and value
- Ensure the health of the association
1. Ensure full professional equity for CGAs
Ensuring full professional equity for CGAs is an important stepping stone towards remaining a highly regarded accounting designation in Canada. By working with its provincial affiliates to create an integrated strategy, CGA-Canada ensures that all legal and practical barriers to achieving full equity are ultimately dissolved. Moreover, CGA-Canada plays an important role in influencing standard setting across Canada and abroad and is determined to retain its existing practice rights.
Canadian Public Accountability Board (CPAB)
After years of advocacy including challenging CPAB’s legitimacy before the courts, CGA-Canada is encouraged that many of its concerns are being addressed. A reform of CPAB’s governance structure included the removal of ex-officio members from the board and the establishment of an advisory committee structure. The next important step for CPAB would be to establish a structure of legislative oversight.
Public Accounting Task Force
At its meeting in July 2008, the CGA-Canada Board of Directors sanctioned the creation of a Public Accounting Task Force for the purpose of examining the current public accounting environment and ultimately putting forward recommendations to the National Professional Standards Committee (NPC). The task force worked closely with affiliates to develop strategies and concluded its work in the fall of 2008 with longer term recommendations being made to affiliate Chief Staff Officers, the NPC and the Affiliation Council.
Practice rights in Quebec
CGA-Canada congratulates CGA-Quebec and the Quebec government for the recent adoption of new legislation, enabling the Ordre des comptables généraux licenciés du Québec (CGA) to become the Ordre des comptables généraux accrédités du Québec. The new Quebec law also confirms that the right to perform a compilation engagement is now reserved for accountants who are members of one of the three professional accounting orders – CGA, CA and CMA.
Common securities regulator
In its submission last year to the Expert Panel on Securities Regulation in Canada, CGA-Canada endorsed a common securities regulator and proposed that it should also oversee financial reporting and auditor oversight. CGA-Canada pointed out that such a structure would be consistent with most other countries and key trading partners. In the summer of 2009, Canada’s finance minister announced the creation of a new Transition Office to lead the effort in establishing a common securities regulator. CGA-Canada applauded the decision and continues to advocate for its position.
Internal trade
CGA-Canada has long advocated for the removal of barriers to the mobility of qualified public practitioners. The association was a key player in the process to bring positive changes to the labour mobility provisions of the Agreement on Internal Trade (AIT), aimed at enabling Canadians to achieve full labour mobility. CGA-Canada has submitted numerous papers and together with affiliates have met with key federal, provincial and territorial ministers responsible for internal trade and labour mobility. In addition, CGA-Canada has continued to be a leading force as a member of a national coalition of 10 business, industry and professional associations. As the Forum of Labour Market Ministers prepared to review proposed exceptions to the labour mobility provisions of the AIT, CGA-Canada issued an open letter to the ministers, calling on them to critically review any barrier raised for public accounting. CGA-Canada continues to monitor this situation and actively pursue the goal of full mobility for public accountants in all jurisdictions across Canada.
Bill C-4 legislation
CGA-Canada met with key parliamentarians and officials regarding the Canada Not-for-profit Corporations Act (Bill C-4), with the objective of strengthening the financial reporting provisions of this legislation and clarifying certain disputed portions of the act. The association also appeared before the House of Commons Standing Committee on Industry, Science and Technology and the Standing Senate Committee on Banking, Trade and Commerce to present its position. Although there was some support for CGA-Canada’s position, Parliament passed Bill C-4 without the recommended changes. In the report of the Senate committee, senators observed the following:
“The Committee believes that competition in the Canadian marketplace is crucial, including competition among individual accountants who offer services to not-for-profit corporations. We are concerned that if the legislatures and accounting institutes and associations of the provinces do not give timely and due consideration to the implications of [the] proposed subsection...then the interprovincial mobility of accountants and the competitiveness of the services they provide may be affected.”
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2. Be the fastest growing accounting designation
CGA-Canada supports 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 ensure that quality remains a top priority. The association supports affiliate initiatives by setting entry level and certification targets and enforcing appropriate quality standards.
Mutual recognition agreement (MRA) with CPA Ireland
The MRA with CPA Ireland was approved by the Affiliation Council in April and signed on June 3 in conjunction with the IFAC board meeting in Dublin, Ireland. The agreement establishes a strategic partnership between the two leading accounting organizations and gives members the opportunity to qualify for another designation. CGA-Canada and CPA Ireland share a global perspective on the advancement of the accountancy profession, notably the strengthening of already high professional and educational standards. This is CGA-Canada’s third MRA with a fellow premier accounting organization.
New representation partner in Trinidad
CGA Caribbean signed a services agreement with Roytec, a division of the University of the West Indies. Roytec will provide administrative services to students, including academic counselling, exam supervision and promotion. Trinidad is considered a growth market for CGA Caribbean.
Memorandum of understanding with the Institute of Chartered Accountants of India (ICAI)
CGA-Canada has been in discussions with the ICAI for quite some time regarding mutual recognition. In 2009, the ICAI signed a joint declaration with CGA-Canada to augment and strengthen bilateral cooperation. The two bodies wish to work together to develop a mutually beneficial relationship in the best interest of their members and students.
Agreement with Mauritius Exam Center
An agreement with Monash Corporation of Canada was signed in May to provide CGA courses and exams in Mauritius. Monash had a previous agreement with the Saskatchewan Institute of Applied Science and Technology to offer their three year diploma in Mauritius. CGA Saskatchewan grants transfer credits for the first three levels of the CGA Program based on the Saskatchewan Institute of Applied Science and Technology diploma and CGA-Canada plans to offer level four and Professional Applications and Competence Evaluations courses and exams through Monash.
Increase in membership
The designation had an increase of 20 percent from 2007 in the number of new members over the three year period. This represents the highest annual number of new members in the last 10 years. In addition, 141 members from the Association of Chartered Certified Accountants (ACCA) became CGAs in 2008.
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3. Be a value provider to the profession and public
CGA-Canada ensures that it is providing the best value to three target groups: CGAs, the accounting profession and the public. For members, this implies the provision of products and services which address their needs. For the profession, CGA-Canada is committed to delivering the best standards and related research. Finally, for the public, the CGA federation is committed to providing the best possible public policy input, government committee participation and advocacy on behalf of the broad public interest.
Paperwork burden reduction
In March, the federal government announced it had reached its goal of reducing the burden of paperwork required of Canadian small businesses by 20 percent. CGA-Canada followed up with a written submission to the Minister of State for Small Business and Tourism to present its views on next steps to move this agenda forward. CGA-Canada continues to work with the federal government to bring further improvements to the regulatory and paperwork burden.
Exposure draft responses
A critical aspect of the work of a national accounting body is to provide input to the standards setting process. This year, CGA-Canada responded to the following:
- International Federation of Accountants Consultation Paper on: Revision of International Standard on Review Engagements 2400, Engagements to Review Financial Statements
- Department of Finance Consultation Paper on: Strengthening the Legislative and Regulatory Framework for Private Pension Plans Subject to the Pension Benefits Standards Act, 1985
- International Accounting Standards Board Discussion Paper on: Preliminary Views on Financial Statement Presentation
- International Accounting Standards Board Discussion Paper on: Preliminary Views on Revenue Recognition in Contracts with Customers
Issue in Focus series
In an effort to deepen its research repository, broaden its policy influence and heighten public awareness of important issues, CGA-Canada introduced its Issue in Focus series. This year, the following papers have been produced:
- Is Cutting the GST the Best Approach?
- How Pressing is it to Revisit the Treatment of Capital Gains?
- Tax-Free Savings Accounts – Shifting Opportunity
- 51 and Counting – Is It Time to Remodel RRSPs?
Confederation of Asian and Pacific Accountants (CAPA)
CAPA accepted CGA-Canada’s nomination of Kamalesh Gosalia, CGA to serve as an expert resource to the CAPA Environmental Accounting and Corporate Social Responsibility (CSR) Task Force, which has conducted an international project on environmental accounting and CSR. Considering a number of important global matters, the task force has examined environmental issues, resulting sustainable reporting practices and the relationship of environmental accounting to overall corporate social responsibility. The final report of the task force is expected to be released in the near future.
Canada Revenue Agency (CRA) agreement
CGA-Canada signed an agreement with the CRA, pre-qualifying students in the CGA program who are CRA employees to meet the work experience requirements of the CGA designation. The agreement sets out the terms, conditions and processes that allow CRA employees, enrolled in the CGA program and in qualifying positions, to acquire and demonstrate the competencies they need to meet CGA’s experience standard for certification.
Public Practice Manual (PPM) eShop
Launched in May, the PPM eShop (an e-commerce subscription service) provides seamless online payment functionality to subscribers of the CGA-Canada PPM. Its creation has drastically reduced the administration process requirements for both payment and ordering of the product, with over 70 percent of current subscribers utilizing the service immediately following its launch. This new enhancement not only promotes immediate access to materials, increasing user satisfaction, but has also resulted in faster renewals.
Roundtable on financial regulatory reform
CGA-Canada together with the ACCA hosted a roundtable discussion on the future of financial regulation at Canada House in London, UK in April. A panel of financial experts from organizations within Canada and the UK debated financial regulatory reform and explored the implications of the recent G20 Summit report. Following the discussions, a summary report was published on the issue of global financial regulation.
Federal budget
Each year, CGA-Canada participates in consultations leading up to the federal budget and provides comment on budget day. This positions CGA-Canada as an informed and credible source of expertise on matters relating to Canada’s tax and fiscal policy. This year, the association recommended that the Government of Canada take immediate and necessary steps to simplify Canada’s tax legislation and the tax system. CGA-Canada’s position on the budget was recognized by the federal Minister of Finance, as comments from the budget news release were quoted in the federal government’s publication Canada’s Economic Action Plan: A First Report to Canadians.
Access to finance
CGA-Canada along with the ACCA and CPA Australia have embarked on a joint global research project to assess the financing and access to capital situation for small and medium sized enterprises (SME). The project intends to seek the opinions of a large
cross-section of business leaders in the SME sector, both in Canada and internationally, regarding the question of access to capital and the current environment for business financing following the advent of the recent financial crisis. It is expected that the report will be launched simultaneously by all three bodies in the fall of 2009.
International Guide to Quality Control
Commissioned by the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) committee to promote consistent application of the International Standard on Quality Control (ISQC) 1 “Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements,” CGA-Canada was selected to develop the Guide to Quality Control for Small and Medium-Sized Practices. The English version, released in March 2009 (French in June 2009), promotes a deeper understanding of the ISQC 1 standard, and includes two sample firm manuals together with select practice aids and checklists. CGA-Canada is also providing financial support to a further SMP committee project, the Guide to Practice Management for Use by Small - and Medium-Sized Practices, currently in development and authored by CPA Australia.
International Federation of Accountants (IFAC)
The association has continued to support Sylvie Voghel, FCGA as Chair of the IFAC SMP committee. In addition to the three scheduled meetings during the last period (Abuja, Nigeria in October 2008, Berlin, Germany in January 2009, and New York, USA in May 2009), CGA-Canada also co-sponsored the annual IFAC SMP Forum in October 2008 in Abuja, Nigeria, together with the ACCA, with Ms. Voghel acting as chair of the occasion. This annual event, which brings together attendees from many parts of the world representing national and regional accountancy bodies, is meant to inform participants of the SMP committee’s activities and requests input into the future strategic direction of the group. In addition to the forum, Ms. Voghel also attended the fourth European SME/SMP Congress in September 2008, in Copenhagen, facilitating a joint IFAC SMP and Fédération des Experts Comptables Européens (FEE) meeting while there and coordinating an IFAC SMP/FEE Practitioner’s Symposium in Berlin, Germany.
Canada Revenue Agency (CRA) representation
Amar Goomar, CGA has been named to the CRA IFRS Joint Committee on Taxation while Kamalesh Gosalia, CGA has been named to its Transitional Issues Working Group. Along with senior government officials, representatives from the four largest accounting firms, the Accounting Standards Board and industry representatives, these groups seek to provide guidance on IFRS adoption, the nature of desired information and the nature of any deemed reconciliations.
CGA-Canada Research Foundation
The CGA-Canada Research Foundation encourages and promotes the advancement of education and research in accountancy. This year, the foundation redesigned and enhanced its web presence and continued to explore research opportunities with affiliates, external stakeholders and potential partners. In addition, the foundation earned membership in Imagine Canada, the leading network of Canadian charities and non-profit organizations, ensuring adherence to its newly launched Code of Ethical Fundraising and Financial Accountability.
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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 its leadership in education, certification and continuing professional development. The association must be a leader in addressing market circumstances while always being mindful of the changing needs and values of our members. Even more important is that CGA-Canada takes an active role in shaping the changes that occur within the profession. By being proactive, CGA-Canada ensures that it is a key player in determining the direction the profession takes in the future.
New products on PDNet
PDNet continues to provide first-rate tools and resources for members, students and the larger business community. In the summer of 2008, the first webcast series was introduced covering such topics as leadership, planned giving, money laundering, taxation and IFRS. Also introduced was The Faculty Exchange, an accounting resource for academics and consultants.
Competencies updated
CGA-Canada continues to update the knowledge, skills and professional values required of a newly certified CGA. Based on an extensive practice analysis, the association has updated and reorganized the competencies under three groupings: Leadership, Professionalism and Professional Knowledge. The competency framework is available on the CGA-Canada website and will be reflected in courses and exams for the 2010-11 academic year. A second competency video is also being produced and is expected to be on the association’s website in the fall.
CGA Executive Program
Tailored to senior executives in business and government, the CGA Executive Program recognizes the skills, experience and prior education of seasoned financial decision-makers. The breadth of graduate level education and experience of the first cohort reflects the wide appeal of the CGA designation in today’s global economy. To date, the first group has graduated and the second cohort is underway. The program, developed in 2007, provides executives with an accelerated path to earn the CGA designation.
International Financial Reporting Standards (IFRS) training
IFRS have become one of the most pressing professional development topics for accountants as Canada prepares for the transition to IFRS by 2011. In the summer of 2008, CGA-Canada partnered with the ACCA on a series of two-day conferences to prepare senior accounting professionals for the impending introduction of IFRS. The conferences were held in Vancouver, Calgary, Toronto, and Moncton. PDNet has also developed a range of IFRS related products to assist CGAs in making the transition.
Blackboard online learning environment
Launched in the fall of 2008, the Blackboard online learning environment offers students a more efficient and effective learning experience with one-site access to all course related material for the CGA designation. In Blackboard, students access course materials, complete assignments, track their progress and performance, and communicate with instructors and other students. The system is administered and supported nationally by CGA Ontario and enables affiliates to deliver regional content. CGA-Canada continues to enhance the design and delivery of this online learning experience, which starting in the fall of 2009 will see the addition of academic partnerships courses.
Innovative online courses
CGA-Canada continues to be innovative in the design, content and delivery of online courses. A new and simpler navigation design was piloted in the summer of 2009 and has received very positive feedback from students.
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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 and has been identified by the members as “job one.” CGA-Canada is committed to being proactive in promoting the designation’s brand. The key to achieving this strategic goal is to have a strong brand presence in the marketplace and to actively seek out, establish and develop strong relationships with key stakeholders who can provide CGA-Canada with the opportunities necessary to achieve ever-greater brand recognition.
National brand campaign
At the beginning of 2009, CGA-Canada and its provincial and territorial affiliates launched a Canada-wide, multi-media advertising campaign. The campaign emphasized the skills and experience that CGAs bring to their employers and clients, in terms of leadership, efficiency, productivity, sustainability and risk management. Materials were developed for both image and recruitment advertising which included television, print, radio, internet and out of home applications. CGA-Canada’s participation included a national image advertising campaign for television, online and print.
Magazine of the Year award
CGA Magazine was the 2008 recipient of the Communication Award of Excellence for Best Magazine, given by the Canadian Society of Association Executives (CSAE). Each year CSAE confers this honour on an association publication in Canada, which best represents excellence in content, design and service to members and the public.
Research reports
In July 2008, CGA-Canada launched its ninth research paper entitled The Federal Budget Surplus: Surprise or Strategy? Media impressions reached close to 14 million in print, online and broadcast outlets. By mid-May, a tenth major work entitled Where Has the Money Gone: The State of Canadian Household Debt in a Stumbling Economy was completed. The media launch was the most successful in CGA-Canada’s history, with media coverage reaching over 80 million media impressions and over six hours of broadcast air time. CGA-Canada’s media relations efforts resulted in over 60 print articles, 200 television and radio stories and 75 online news articles.
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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 emulate. It pursues the highest standards in all respects from its programs and services to the organizational elements required to operative efficiently and effectively.
New governance model
Following a Board decision in 2007, a new governance model was implemented in the fall of 2008. Comprised of the Board of Directors and a newly created Affiliation Council, this two-tiered governance system ensures that the association is dynamic and responsive in order to maintain momentum into the future. The Affiliation Council is composed of representatives from each affiliate and is responsible for developing the strategic plan, approving dues and fees, endorsing standards and other duties. The Board of Directors became a smaller group, charged with overall governance responsibilities for the organization.
Head office grand opening
The grand opening of the new Burnaby head office was held on August 11, 2008. The event was officiated by Past Chair Ron Colucci and President and CEO, Anthony Ariganello. Along with staff, special guests and CGA volunteers, the VIPs included the acting Mayor of Burnaby, Councillor Garth Evans, Peter Julian, MP, Burnaby-New Westminster, John Nuraney, MLA Burnaby-Willingdon, Raj Chouhan, MLA, Burnaby-Edmonds, and Richard T. Lee, MLA, Burnaby North.
Practitioner Liability Insurance committee (PLIC) annual report
This year, CGA-Canada wrote and published the first ever PLIC annual report. The mission of the PLIC, as duly authorized by the CGA-Canada Board, is to contribute to the preservation of the professional integrity of CGAs, to make available superior liability protection and to promote loss prevention. The committee meets the immediate needs of members and constituents with a view to sustainability. In so doing, the PLIC continues to foster sound management and governance practices in the manner which best meets the collective needs of association members and stakeholders while promoting accountability and transparency.
Workflow system for Linguistic Services
A new workflow system was developed for the Linguistic Services team to manage workflow and enhance productivity. The automated workflow system allows Linguistic Services to record all requests received from clients and assign them to staff or contractors. The system also facilitates planning, monitors workload and requests prioritization.
Management system to support MRAs
The two new MRAs signed this past year (CPA Australia and CPA Ireland) allow for members of these associations to become CGAs after completing required coursework. In order to ensure that these new members receive the benefits of being a CGA, a new system was created to manage these new member relationships.
New staff training program
A new training and professional development program for CGA-Canada was approved and implemented at the end of 2008. The association is proud to support this leadership development initiative, as part of the next phase of organizational training and development opportunities for staff. The goal of the program is to address succession planning, improve communication, develop and foster teamwork and enhance inter-personal skills. In essence, it is developing a new pool of future leaders while enhancing the internal health of CGA-Canada.
Honours as top employer in Canada and BC
For the second consecutive year, CGA-Canada was named one of Canada’s Top 100 Employers and listed as one of BC’s Top 50 Employers for 2009. Both these annual competitions recognize best places to work and identify the companies and organizations that lead their industries in attracting and retaining employees.
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