Responding to the need for increased transparency
As we have noted, negative events transpiring in such cases as Enron and WorldCom resulted in a widespread loss of public trust in financial reporting and increased pressure for transparency and better corporate governance. These developments in turn had a profound effect on the accounting profession as a whole.
CGA-Canada has made it a top priority to play a key role in determining how these events will shape the future of the CGA designation and the profession as a whole. We are continually providing commentary and analysis on accounting standards-setting reform, new forms of regulation and oversight, proposed legislation and ongoing related public policy discussions. CGA-Canada will continue to speak out publicly on the need for reform and renewal.
CGA-Canada has also taken important steps to review and revise educational and professional standards to promote professionalism, transparency and good corporate governance.
Expanding the reach of CGA influence
As CGA-Canada evolves as a highly respected professional accounting leader at home, it is also fast becoming a key player internationally. This global outreach must continue, and will ensure that CGAs continue to have an important and expanding voice on the global scene.
A level playing field for CGAs across Canada
Working with provincial CGA affiliate associations, CGA-Canada has supported significant progress recently in a national quest for full professional equity for all members. CGAs in all but one Canadian province now enjoy access to public practice rights. This ongoing quest will continue in the coming months and years.
Given the rapid progress to date on this file, our ultimate success is now assured. We will soon see an end to the existing monopoly by one accounting designation. Further, from a strategic point of view, it will then become critical to ensure the preservation and enhancement of these professional rights for the long term. Indeed, such professional equity will ensure greater recognition by business, governments, regulators and clients.
High impact research and policy development
The recently enhanced CGA-Canada Research and Standards Department has made a significant impact on Canadian research and public policy in the past two years with the publication of reports on matters of broad public policy interest including pension reform, Canada’s aging population and corporate sustainability reporting.
With this increased research capacity, CGA-Canada has another significant opportunity to contribute to professional accountancy in Canada. The association’s research capacity will continue to support the overall achievement of the association’s strategic goals in coming years and will further serve to augment the visibility, credibility, and pride in the designation.
The CGA Program of Professional Studies — continuous improvement
CGA-Canada is committed to ensuring the highest standards when it comes to the education and certification of new CGAs. After two years of in-depth research into the changes taking place within the profession and the evolution of members’ roles we have made relevant revisions to the curriculum of the CGA Program of Professional Studies.
The Professional Applications requirement has been modified to include two new courses and examinations have been redesigned to integrate and apply competencies and to expose students to different perspectives of the profession. Candidates are further required to undertake two career option courses and accompanying examinations. These changes are part of a process of continuous improvement and evolution of the CGA Program of Professional Studies, to ensure that it remains a vital and cutting edge professional program relevant to the rapidly changing profession of accountancy.
New professional standards to meet new realities
As the industry evolves, so too must the professional standards of CGAs. In order to keep pace with new national and international standards, the CGA-Canada Board recently approved changes to the CGA standard for Continuing Professional Development. CGAs now must complete 120 hours of professional development over a three-year period, with 60 hours of verifiable activity during that time.
In addition, the new CGA Independence Standard was approved by the Board in 2004. This stringent new standard meets all international and Canadian regulatory requirements for the safeguarding of professional independence and ultimately, public trust.
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